On Wednesday, a New York-based company called Fine Wedding Photography Inc. raised $1 billion from Goldman Sachs and Bain Capital Partners, the investment bank said in a news release.
It also raised another $1 million from FWD.us, a digital platform launched by the company that will allow customers to upload their own wedding photos to be used in ads.
The firm said it is planning to use the funds to expand its offerings and expand the number of photographers it employs.
The company also plans to add more than 40 photographers to its staff and to expand the company’s photography team, the company said.
The deal, announced on Wednesday by the New York Stock Exchange, comes amid an upsurge in the industry, which has seen a steady surge in wedding photography in recent years.
For example, the number has risen from 4,200 in 2014 to 13,700 in 2019.
More than $500 million was raised in a funding round led by Sequoia Capital in February.
That same month, the Los Angeles-based photographer Mattie Fitch announced that she was buying a studio in Cincinnati to create a full-service wedding photography service.
More recently, a handful of firms, including Blue Sky Photography and Fidelity Investments, raised funding, including in the $3.6 billion round led last week by Andreessen Horowitz.
Photographer Mattie, who is married to former Vice President Mike Pence, said that she plans to open her own studio in the next year and expand her staff.
Fine Wedding Photographer says it has “one of the most vibrant wedding photography communities in the world” and will continue to grow with the help of its employees, the news release said.
