Málaga’s Freepik Relaunches As Maginific With €196 Million ARR

The company reports €196 million ($230 million) in annual recurring revenue, with over 1 million paid subscribers and more than 250 enterprise clients, including BBC, Delivery Hero, Guess, Mayoral, Huel, R/GA, Damm, and Job&Talent achieved without raising funding from US venture capital firms.

Founded in Málaga in 2010 by three friends, Freepik started as a search engine for graphic resources and has now rebranded as Magnific, evolving into an AI-powered creative platform.

The new platform combines its stock content roots with generative AI tools for creators, marketing teams, studios, and enterprises.

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Co-founder and CEO Joaquín Cuenca Abela is set to speak at the EU-Startups Summit 2026 in Malta (7–8 May), where he will share insights on building businesses in the age of AI, drawing from the company’s transformation journey. Freepik has also been recognised by Andreessen Horowitz as Europe’s top generative AI web company by users.

Despite competing with major US players like Midjourney, Runway and Leonardo, Magnific has reached significant scale without raising US venture capital funding.

Its relaunch reflects a wider industry shift toward integrated creative workflows with enterprises already using the platform for content creation, prototyping and campaign scaling.

The company’s Business plan launched in January 2026 quickly gained traction with over 2,000 subscriptions in six weeks and continues to grow steadily. Magnific reports that 72% of new users are beginners highlighting how AI is making creative tools more accessible.

The platform brings together image and video generation, audio, 4K output, AI upscaling, real-time collaboration, 3D tools and a library of over 250 million assets. Its new brand identity, developed with Area17, reflects its goal of helping creators expand and elevate their work.

“The industrial revolution created the blue-collar jobs and the digital revolution created the white-collar jobs,” says Joaquín Cuenca, CEO of Magnific. “Creatives are about to become more powerful than anyone expected. That’s the no-collar economy. The economy of people who don’t wear a shirt collar. And it’s already underway.”

About Magnific

Magnific is the premier AI platform for high-end creative professionals and brands. Our suite integrates elite image and video generation, advanced upscaling, and a massive 250M+ asset library. Designed for uncompromising quality, Magnific empowers visionaries to produce world-class work across any medium with unparalleled speed, precision and creative control.