- Companies
- Black Forest Labs
Black Forest Labs Revenue, Valuation, Funding & Investors
Black Forest Labs is valued at $3.3B as of December 2025, a 33.9x multiple on its last reported $96M revenue.
Last Black Forest Labs valuation
$3.3B
Series B · Dec 2025
Last Black Forest Labs funding round
$300M
Series B · Dec 2025
Black Forest Labs revenue
$96M
Series B · Dec 2025
Key investors in Black Forest Labs
Andreessen Horowitz
General Catalyst
Salesforce Ventures
Northzone
Creandum
Earlybird VC
About Black Forest Labs
Black Forest Labs is an Amsterdam-headquartered developer of generative AI models for visual content creation. Founded in 2024 by former Stability AI executives, it released the FLUX.1 suite in 2024, featuring Pro for high-fidelity images, Dev for API integration, and Schnell for local inference. The hybrid diffusion-transformer architecture supports text-to-image and image-to-image generation, with open-weight models available on Hugging Face and enterprise APIs powering tools from creative software firms.
Founded
2024
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Revenue
$96M (Dec 2025)
Valuation
$3.3B (Dec 2025)
Black Forest Labs Valuation
Black Forest Labs is currently valued at $3.3B, based on its Series B in December 2025.
The $300M round was led by AMP and Salesforce Ventures, with participation from LEA Partners.
Black Forest Labs' valuation has moved from $3.3B at its Series A in January 2025 to $3.3B in December 2025, across 2 priced rounds.
Black Forest Labs valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2025 | Series B | $3.3B | 33.9x |
| Jan 2025 | Series A | $3.3B | 33.9x |
Black Forest Labs Revenue
Black Forest Labs' latest recorded revenue is $96M, as of its Series B in December 2025. At a $3.3B valuation, that implies a 33.9x revenue multiple.
Revenue moved from $96M in January 2025 to $96M in December 2025, while the revenue multiple moved from 33.9x to 33.9x.
Black Forest Labs revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $96M | $3.3B | 33.9x | Series B |
| Jan 2025 | $96M | $3.3B | 33.9x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Black Forest Labs Funding History
Black Forest Labs has raised a total of $451M across 3 funding rounds.
Black Forest Labs' first fundraising round was a $31M seed round in August 2024. The most recent completed round was a $300M Series B in December 2025.
Black Forest Labs funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Series B | AMP (lead); Salesforce Ventures (lead); LEA Partners | $300M | $3.3B | Black Forest Labs, a German AI startup founded in 2024 and based in Freiburg with operations in San Francisco, develops foundation models for image generation and editing, including the FLUX family of models like FLUX.1 and FLUX.2, which support high-resolution image creation, text rendering, and style consistency using diffusion-based architectures. The company's co-founders previously pioneered Stable Diffusion at Stability AI, and their models are integrated by major platforms such as Adobe, Canva, Meta, Microsoft, fal.ai, Replicate, TogetherAI, Picsart, ElevenLabs, VSCO, and Vercel, as well as used in Elon Musk's Grok chatbot. In December 2025, Black Forest Labs raised $300 million in a Series B funding round co-led by AMP (Anjney Midha) and Salesforce Ventures, with participation from a16z, NVIDIA, Northzone, Creandum, Earlybird VC, BroadLight Capital, General Catalyst, Temasek, Bain Capital Ventures, Air Street Capital, Visionaries Club, Canva Ventures, and Figma Ventures. The round valued the company at a $3.25 billion post-money valuation, building on a prior unannounced Series A led by Andreessen Horowitz and bringing total funding to over $450 million. One source approximated the valuation at $4 billion, but most reports confirm $3.25 billion. The funds will accelerate research and development on next-generation multimodal visual intelligence models that unify perception, generation, reasoning, and memory; expand training and deployment infrastructure for larger FLUX models; and support hiring across teams in Germany and the US. This positions Black Forest Labs to compete with leading US and Asian AI labs in enterprise-grade visual AI for creators, developers, and industries like design and advertising. The company emphasizes openly available high-performance systems while delivering reliable, controllable models with safety features, marking it as one of Europe's most valuable AI ventures and a key player in the generative AI landscape dominated by frontier visual technologies. |
| Jan 2025 | Series A | Andreessen Horowitz (lead); NVIDIA; General Catalyst; BroadLight Capital; Creandum; Northzone; Earlybird VC | $120M | $3.3B | Black Forest Labs is a German AI research lab based in Freiburg, specializing in visual intelligence and generative AI models for image generation and editing. Its flagship product, FLUX, is a suite of state-of-the-art text-to-image models integrated by major partners including Adobe, Canva, Meta, Snap, and others. The company was founded by former Stability AI researchers Robin Rombach, Patrick Esser, and Andreas Blattmann, who contributed to Stable Diffusion, and launched in August 2024 with a $31M seed round led by Andreessen Horowitz. In December 2025, Black Forest Labs raised $300M in a Series B round at a $3.25B post-money valuation, co-led by Salesforce Ventures and Anjney Midha (AMP), with participation from a16z (Andreessen Horowitz), NVIDIA, General Catalyst, Northzone, Creandum, Earlybird VC, BroadLight Capital, Temasek, and others. This followed a previously unannounced Series A also led by Andreessen Horowitz with BroadLight Capital, Creandum, Earlybird Venture Capital, General Catalyst, Northzone, and NVIDIA, bringing total funding over $450M. Funds support R&D on Flux models, compute infrastructure, commercial operations, hiring, and scaling the FLUX platform. As of August 2025, Sacra estimated Black Forest Labs at $96M in annualized revenue, derived from a B2B2C go-to-market via API usage fees, annual commercial licenses, and multi-year contracts totaling ~$300M, including a $140M deal with Meta signed in September 2025. Partnerships with Adobe, Canva, Snap, and distribution through Microsoft Azure AI Foundry bolster its enterprise traction. AInvest noted a ~34x revenue multiple on the $3.25B valuation. The company competes in a crowded AI image generation market against Stability AI and Adobe, aiming to convert contracts into recurring high-margin revenue through open-weights model licenses. Recent advancements include Flux 2 with improved rendering and 4K capabilities, used by Grok, fal.ai, Picsart, ElevenLabs, VSCO, and Vercel. |
| Aug 2024 | Seed | Andreessen Horowitz (lead); General Catalyst; Mätch VC; Mei Z.; Garry Tan; Michael Ovitz; Timo Aila; Vladlen Koltun; Brendan Iribe | $31M | - | Black Forest Labs, founded in 2024 by Robin Rombach, Andreas Blattmann, and Patrick Esser—key contributors to Stable Diffusion—develops advanced generative AI models for image generation and editing, with its FLUX family becoming one of the most downloaded on Hugging Face and powering workflows for Fortune 500 partners like Adobe, Meta, Canva, Mistral, and Snap. In August 2024, the company raised $31 million in a seed round led by Andreessen Horowitz, with participation from General Catalyst, Mätch.vc, and angels including Garry Tan, Brendan Iribe, Michael Ovitz, and Nvidia's Timo Aila. This seed was later disclosed during the announcement of a subsequent $300 million Series B in December 2025 at $3.25 billion post-money valuation, co-led by Salesforce Ventures and Anjney Midha (AMP), bringing total funding over $450 million. The seed funding supported early development of frontier visual intelligence models, transitioning from image generation to multimodal perception, generation, and reasoning capabilities. Black Forest Labs operates from Freiburg, Germany, and San Francisco, emphasizing open-source releases under certain licenses to foster developer ecosystems and enterprise adoption. Traction includes tens of millions of FLUX model downloads, integrations with Grok, Le Chat, and tools from Deutsche Telekom and Vercel, plus multi-year contracts like a $140 million deal with Meta in September 2025, contributing to roughly $300 million in total partner contract value. The company plans ongoing R&D expansion, team growth to over 50, and compute infrastructure, positioning it among Europe's top AI startups amid rising regional investment. |
Who has invested in Black Forest Labs?
17 investors have backed Black Forest Labs across its funding rounds, including Andreessen Horowitz, General Catalyst, Salesforce Ventures, Northzone, Creandum and Earlybird VC.
Lead investors include AMP, Salesforce Ventures and Andreessen Horowitz.
Black Forest Labs Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Aug 2024 | ||
| 2 | Lead | Aug 2024 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Lead | Dec 2025 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Jan 2025 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Lead | Dec 2025 | ||
| -- | 1 | Participant | Aug 2024 | |
| 1 | Participant | Jan 2025 | ||
This data is available for Pro users. Sign up to see all 17 Black Forest Labs investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBlack Forest Labs Competitors
Black Forest Labs competitors include listed companies like Affle 3i and Ncino, and private ones like Luma AI, Fal, LibLib AI and Runway.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $50M | - | $4B | - | ||
| Private | $200M | - | $4.5B | 22.5x | ||
| Private | $300M | - | $2B | 6.7x | ||
| Private | $300M | - | $5.3B | 17.7x | ||
| Publicly listed | $282M | $67M | $2.3B | 6.7x | ||
| Publicly listed | $595M | $65M | $2.3B | 4.0x |
Black Forest Labs Public Comps
Black Forest Labs is still privately-owned, but its public comps include Affle 3i, Ncino, Haizhi, C3.ai, Wenge AI, TRS Information Technology, PCITECH, Fractal Analytics, Presight AI and MiniMax Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $282M | $67M | 7.4x | 6.7x | 31.3x | 29.5x | |||
| $595M | $65M | 4.3x | 4.0x | 39.0x | 15.8x | |||
| $93M | ($30M) | 21.5x | 16.3x | (67.1x) | (440.4x) | |||
| $250M | ($484M) | 4.3x | 4.5x | (2.2x) | (6.2x) | |||
| $60M | ($20M) | 27.6x | - | (82.7x) | - | |||
| $76M | ($20M) | 19.3x | 19.7x | (73.5x) | 478.8x | |||
| $1.5B | $53M | 0.8x | 0.9x | 24.1x | - | |||
| $344M | $50M | 3.7x | 3.4x | 25.8x | 21.0x | |||
This data is available for Pro users. Sign up to see all Black Forest Labs competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Black Forest Labs
| When was Black Forest Labs founded? | Black Forest Labs was founded in 2024. |
| Where is Black Forest Labs headquartered? | Black Forest Labs is headquartered in Freiburg im Breisgau, Germany. |
| Is Black Forest Labs publicly listed? | No, Black Forest Labs is a private, VC-backed company. |
| What is Black Forest Labs' valuation? | Black Forest Labs was last valued at $3.3B in its Series B in December 2025. |
| How much funding has Black Forest Labs raised? | Black Forest Labs has raised $451M across 3 funding rounds. |
| What was Black Forest Labs' last funding round? | Black Forest Labs' last funding round was a $300M Series B in December 2025, led by AMP and Salesforce Ventures. |
| Who are Black Forest Labs' investors? | Black Forest Labs' investors include General Catalyst, Andreessen Horowitz, NVIDIA, Salesforce Ventures, BroadLight Capital, Mätch VC, Creandum, Mei Z., Garry Tan, Michael Ovitz and 7 others. |
| What is Black Forest Labs' revenue? | Black Forest Labs' latest recorded revenue is $96M (December 2025). |
| What is Black Forest Labs' revenue multiple? | Black Forest Labs' latest valuation implies a 33.9x revenue multiple ($3.3B valuation on $96M of revenue). |
| Which companies are comparable to Black Forest Labs? | Companies comparable to Black Forest Labs include Luma AI, Fal, LibLib AI, Runway, Affle 3i and Ncino. |
See companies similar to Black Forest Labs
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




