Today, Canon Europe announces that it is acquiring London-based digital startup Lifecake. This acquisition marks a major leap in the development of Canon’s digital consumer services business. Canon always had the ambition to part of every picture taken around the world and now, this would bring the company closer to achieving it.
Lifecake is a London-based startup company with a photo-sharing app that allows families to store, organize, share and relive key moments of their children’s lives. With this app, parents can create timeline with photos and videos that others in the family can enjoy on their laptop, tab, their smartphones or in printed photobooks.
The Director of Digital Services at Canon, Alberto Spinelli says, “Today, we are all taking more photos on more devices than ever before but often become overwhelmed and even disconnected from them. We would all like to be able to quickly find our photo as we remember a moment – at the swipe of a finger – and relive it on any screen, or print it to hold. Lifecake is an extremely exciting addition to the Canon Group, providing a digital service that makes it easy for families to take control of their ever-increasing number of photos. This acquisition fits perfectly with our vision to give everyone taking photos the tools to bring their stories and experiences to life – and engage with them whenever and wherever they choose.”
Nicholas Babaian, CEO and co-founder of Lifecake says, ” With the reach and technology of Canon, we’ll strap booster rockets onto our service. At the same time, our team will accelerate the growth of Canon’s digital services ecosystem. But we’re most delighted that our existing and potential customers will know their precious memories are safe with one of the most trusted brands in photography – a company that’s helped families capture and relive moments for nearly 80 years and will continue to do so for generations to come.”
Acquiring Lifecake also serves to be a pathway for Canon to put down roots in London’s Tech City where the startup is currently based. The app is available in English language worldwide. Today it has launched additional language versions like French, German, Spanish and Italian. The financial terms of the deal has not been disclosed but it is understood that the acquisition includes the Lifecake app and user base, it current employees of 6 person team and technology. The reason behind the founders giving up the company is still unclear. Neither Spinelli nor Babaian would be drawn on the topic. Until the acquisition, the company has raised $1.4 million in total. Balderton Capital led Lifecake’s lastest round, while EC1 Capital was an early investor.
One interesting fact is that, before today’s exit, Lifecake had tried to raise further round of funding and it was during this process that the startup met with Canon who evidently decided than an acquisition gave it a better meaning. Currently, the app has more than 350,000 registered users of which about third are active mostly, averaging 4 sessions per week.