Retro, the friend-focused photo-sharing app built by former Instagram product engineers Nathan Sharp and Ryan Olson, has raised north of $21 million in Series A funding, according to an SEC filing.

The fundraise is a testament to the enduring need for social apps that connect people with one another more directly, instead of through personalized algorithms filled with creator content, and now, often, AI slop.

“Something that has to be true and will be true is that people will still want to see more of their friends,” Sharp told TechCrunch in December, referring to how For You-style feeds have taken over today’s social media. “The photos and videos you take will need to find a place where they can reach the intended audience,” he said.

Business Insider first spotted the SEC filing, which is under the startup’s name, Lone Palm Labs. The filing, dated August 19, indicates the funding itself was closed in December. Pitchbook now estimates the startup is valued at over $100 million. Retro didn’t respond to a request for comment.

Launched in 2023 as more of a personal photo journal, Retro has since expanded its feature set to let users privately share photos of their week with friends; create shared albums; view and share recaps; or “rewind” to time-travel back through photo memories.

The app has another advantage that appeals to consumers: It doesn’t monetize via advertising. Instead, the company offers in-app subscriptions that offer features like support for video, GIF and sticker comments, more styles, unlimited history, and special app icons.

According to data from app intelligence provider Appfigures, Retro has been downloaded around 7 million times since its launch, and has seen its in-app spending jump north of 460% over the past 180 days. While it’s still a small subset of app users who subscribe, the expectation is that those who make that jump are committed customers who have turned Retro into a frequently used photo-sharing app.

Other investors in Retro include Thrive Capital, Figma CEO Dylan Field, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, Positive Sum, and various angels.