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

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

@tracehagan
Published Mon, Jun 24 2013 8:01 PM CDT   |   Updated Tue, Nov 3 2020 12:22 PM CST

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.

Snapchat raises $60M in funding, valued at a massive $800M | TweakTown.com

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

Trace is a starving college student studying Computer Science. He has a love of the English language and an addiction for new technology and speculation. When he's not writing, studying, or going to class, he can be found on the soccer pitch, both playing and coaching, or on the mountain snowboarding.

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