"The rebrand is not cosmetic. It reflects the consolidation of what had been, from the outside, a confusing portfolio: Freepik as a stock asset library, Magnific as an AI image upscaler acquired in May 2024, and several other AI tools operating under separate brands."
"Cuenca built this on zero venture capital. When Fortune asked whether he would raise in the future, he said: 'If we do it, it's because we want to grow the DNA of the company', not because of financial necessity."
"The numbers behind the rebrand are striking for a company that has never raised outside investment. Fortune confirmed that Magnific has reached $230 million in annualised recurring revenue."
Freepik has rebranded to consolidate its various products, including stock assets and AI tools, under one name. The company boasts over one million paying subscribers and 250 enterprise customers, including major brands like BBC and Amazon Prime Video. CEO Joaquín Cuenca has built the company without outside investment, achieving $230 million in annual recurring revenue. The rebrand reflects a strategic move to clarify its portfolio and enhance its market position as a leading generative AI platform in Europe.
Read at TNW | Business
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