Kyiv-based AI startup Reface has secured €15.2 million ($18 million) in non-dilutive user acquisition funding from Singapore-based PvX Partners. Notably, the funding will support the company’s next growth phase without equity dilution.
PvX Partners operates as a financial services and data intelligence platform for consumer applications. Instead of taking equity, it co-invests directly in a company’s sales and marketing budgets. In return, PvX receives a predefined share of the revenue generated from newly acquired users, capped at an agreed limit. As a result, Reface can scale user acquisition efficiently while maintaining ownership control.
According to Anton Volovyk, co-CEO of Reface, the capital will directly support product expansion. Specifically, “the capital will be used to fuel the next phase of growth for its AI-powered consumer apps across creativity, wellbeing, and health.” Consequently, the company plans to strengthen its position across multiple AI-native consumer categories.
Founded in 2018, the startup develops AI-native tools focused on content creation and lifestyle use cases. Initially, the startup gained global visibility after Elon Musk shared a face-swap video featuring the “made with Reflect” watermark on X.com. Subsequently, the company launched the Reface app in 2022, which originally operated under the name Doublicat.
Today, Reface’s product portfolio includes several popular AI-powered apps. Reface enables users to swap faces in photos and videos, create voice-over content, and generate AI portraits using multiple selfies. Meanwhile, Revive allows instant animation and editing of photos, memes, and artistic portraits. Additionally, Restyle lets users transform the visual style of images and videos. Other products include unboring.ai, Ink AI, Letsy, and Memomet. Collectively, the company reports more than 300 million downloads across its apps.
Reface claims that global celebrities, including Britney Spears, Dua Lipa, Justin Bieber, and Snoop Dogg, have used its apps. Furthermore, the company has collaborated with major brands such as BMW, HALO, JBL, Prime Video, Toyota, and Universal.
On the investment front, Reface has attracted backing from Andreessen Horowitz, Supercell CEO Ilkka Paananen, Unity Technologies founder David Helgason, TQ Ventures managing partner Scooter Braun, and Adam Leber, known for managing Britney Spears and Miley Cyrus. In addition, Kyiv-based AI-focused investment group Roosh also supports the company.
Beyond commercial growth, the startup has maintained a strong humanitarian commitment. In May 2022, the company launched the Reface Fund to support Ukrainian citizens and defenders. Since then, it has donated €424.2k ($500k) toward humanitarian relief efforts.
