Málaga-based Magnific, formerly known as Freepik, has relaunched with a new identity as an AI creative platform bringing image generation, video, audio, upscaling, collaboration tools, 3D features, and stock assets into one production environment. The company reported €196 million ($230 million) in ARR, alongside more than 1 million paid subscribers
David Cendon Garcia
Málaga-based Magnific, formerly known as Freepik, has relaunched with a new identity as an AI creative platform bringing image generation, video, audio, upscaling, collaboration tools, 3D features, and stock assets into one production environment.
The company reported €196 million ($230 million) in ARR, alongside more than 1 million paid subscribers and adoption by over 250 enterprise clients, including BBC, DeliveryHero, Guess, Mayoral, Huel, R/GA, Damm, and Job&Talent – all without a single round of US VC funding.
“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.”
Founded in Málaga in 2010 by three friends, Freepik began as a search engine for graphic resources. Sixteen years later, the company has repositioned itself as Magnific, bringing together its stock content heritage with generative AI tools for creators, marketing teams, studios, and enterprise users.
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Andreessen Horowitz named Freepik the top generative AI web company in Europe by users. Magnific says it has reached its current scale without a single round of US venture capital funding, growing its AI revenue while competing with US-based creative AI platforms such as Midjourney, Runway, and Leonardo.
“We started without any capital, three friends dreaming big,” says Joaquín. “We didn’t know what we’d build. We just knew we weren’t comfortable staying still. We found new things to build. Now we’ll find new stories to tell.”
The relaunch reflects a broader shift in the creative software market, where companies and individuals are moving from separate AI tools towards more integrated creative workflows. Magnific says enterprise teams are already using the platform to generate assets, prototype visuals, and scale content across campaigns and markets.
The company’s Business plan, launched in January 2026 for smaller teams, surpassed 2,000 subscriptions in six weeks and is currently growing by around 150 new teams per week. Magnific also reports that 72% of new creators joining the platform identify as beginners, which it sees as evidence that generative AI is lowering the cost and complexity of producing high-quality creative work.
“In the future, we will make films like we write books,” says Joaquín. “One person with a vision and the tools to execute it.”
Magnific’s platform has already been used across a range of professional creative projects. These include
The company frames these use cases around what it calls the “no-collar economy”, a term it uses to describe a new class of creators able to produce professional-grade work without traditional studio infrastructure. Rather than presenting AI as a replacement for creative workers, Magnific argues that these tools can expand who gets to participate in creative production.
The new Magnific platform combines image and video models, 4K generation with audio, AI upscaling, real-time collaborative workspaces, 3D and virtual scene tools, and a library of more than 250 million creative assets.
The company says tens of thousands of creators use its collaborative workspace daily.
“People saw fragments: Freepik as stock, Magnific as an upscaler”, says Joaquín. “This is the first time the full system is visible as one platform.”
The new Magnific identity was developed with brand and strategy agency Area17. Its logo, formed from two squares that expand upward, is intended to represent the company’s aim of helping creators make their work “bigger and better”.
