Entrepreneur’s second photo editing company raises $41M

Seattle photo-editing company PicMonkey has received a $41 million boost from private equity firm Spectrum Equity.

Seattle photo-editing company PicMonkey has received a $41 million boost from Spectrum Equity, a private equity firm known for its investments in SurveyMonkey, GrubHub and Ancestry.com.

Spectrum, based in Boston and San Francisco, has taken a “significant stake” in PicMonkey with the investment, said PicMonkey co-founder and CEO Jonathan Sposato, though he declined to disclose the percentage.

PicMonkey was founded in 2012 to capitalize on the growing digital-photo market, which has accelerated since Instagram became a sensation. People upload 1.8 billion images to the Internet…