TweakTown
Tech content trusted by users in North America and around the world
5,912 Reviews & Articles | 38,078 News Posts

Snapchat raises $60M in funding, valued at a massive $800M

Snapchat raises $60 million in new funding round, finds itself valued at $800 million

| Apps News | Posted: Jun 25, 2013 1:01 am

Snapchat seems to be doing very well for itself. It has experienced massive growth and is a major player in the mobile app market, despite Facebook's attempt to kill the app with Poke. The app boats 200 million "snaps" daily, meaning it's pushing quite a bit of data. For right now, the app doesn't seem to have a way to make money, so seed funding is important.

 

TweakTown image news/3/1/31299_1_snapchat_raises_60m_in_funding_valued_at_a_massive_800m.jpg

 

The company has confirmed that it raised $60 million in funding and saw itself garner an $800 million pre-money valuation. If you'll recall, Facebook bought Instagram for not much more than that. The company has raised a total of around $75 million since it debuted back in September 2011.

 

In order to continue scaling while developing the Snapchat experience, we needed to build a bigger engineering team and figure out how to pay our server bills. Long story short -- we're committed to building a big company around an innovative and fun product.

NEWS SOURCE
News.cnet.com

Related Tags

Further Reading: Read and find more Apps news at our Apps news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

TweakTown Web Poll

Question: Facebook's acquisition of Oculus VR will...

Improve Oculus Rift Development

Hamper Oculus Rift Development

Completely destroy Oculus Rift Development

Let's wait and see, I'm not sure

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases