Retro, the friend-focused photo-sharing app founded by former Instagram product engineers Nathan Sharp and Ryan Olson, has raised more than $21 million in a Series A round that closed in December, according to an Aug. 19 Securities and Exchange Commission filing under the startup’s legal name, Lone Palm Labs. PitchBook estimates the financing values the company at more than $100 million. Founded in 2022 and launched in 2023 as a personal photo journal, Lone Palm Labs operates between New York and San Francisco with seven employees. Retro lets users share weekly photo recaps with selected friends, create shared albums, revisit memories through a rewind feature and send physical postcards. It has no advertising and uses a freemium model, with a premium subscription costing roughly $36 a year. A separate 2025 app, Splat, uses AI to convert photos into coloring pages for children. Appfigures estimates about 7 million global downloads and more than 460% growth in in-app spending over the past 180 days, while Sensor Tower estimates 1.7 million monthly active users and 7.8 million total downloads as of Wednesday. Retro has gained particular traction in Japan, Taiwan, Germany and Spain. Its investors include Thrive Capital, Scribble Ventures, Box Group, Imaginary Ventures, Coalition, Conviction, Copper, Positive Sum and Uncommon Projects, with Figma CEO Dylan Field participating as an angel investor. The round comes as investment in consumer social startups remains well below the 2021 peak, although total deal value in 2026 has begun recovering from a weak 2025.