European photo sharing and printing website Photobox has raised €10m (£6.7m) in financing led by HarbourVest Partners.

Index Ventures and Highland Capital Partners also participated in the funding round, which the company will use to launch new sites and products, as well as expanding its current capacity.

Photoways Group was created by the merger of Photoways and Photobox last year.  PhotoBox was launched in 2000, and was the first online photo sharing and printing service in the UK.

Photoways Group claims to be the largest online photo service in Europe, with over €30m in sales last year, up 50% on 2005.

With increased broadband penetration and use of digital cameras, the online photo printing market has seen strong growth recently. Photobox recently reached the milestone of 2m members in the UK, just 18 months after reaching the 1m mark.

Graham Charlton

Published 20 July, 2007 by Graham Charlton

Graham Charlton is the former Editor-in-Chief at Econsultancy. Follow him on Twitter or connect via Linkedin or Google+

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