Home
News
You are here

Snapchat closes $60M in venture funding, company valued at $800M

By Michael Heller

Published: Jun 25, 2013, 8:18 PM

Apps

Add us as a preferred source on Google Search

Snapchat closes $60M in venture funding, company valued at $800M

Snapchat is an extremely popular app with no revenue and no plan to start generating revenue either, and it was just valued at around $800 million. Does that sound familiar? That was the general story of Instagram before it was purchased for $1 billion by Facebook, so the rumors are already starting to move on who might be interested in Snapchat.

Snapchat just finished its Series B round of venture funding during which it raised $60 million from investors. This brings the total amount of venture funding raised by the company to $75 million. Evan Spiegel, co-founder of Snapchat says that the money will be used to scale the business, including building more servers and hiring new talent. Spiegel also says that the service processes 200 million photos and videos each day, but he wouldn't comment on the number of users on the service.

Along with the venture funding, Snapchat also announced that Sony Entertainment CEO Michael Lynton will join the company board as an independent member.

source: Snapchat via AllThingsD

Get a free Galaxy A17 with Straight Talk. To claim this deal, you need to pair the phone with activation on a Silver Unlimited Plan or higher. This tier costs $45 per month. Offer valid through 01/10/27 while supplies last online.

Buy at Straight Talk

View Full Bio

Michael Heller is known for his clear and informative articles on mobile technology. He explores important topics such as the rollouts of 5G networks and the advancements in mobile payments, offering readers insights into the evolving tech landscape.