Snapchat confirms USD 1.8 bln funding round

News Wireless Global 26 MAY 2016
Snapchat confirms USD 1.8 bln funding round
Snapchat has confirmed a Series F financing round of USD 1.8 billion, in a filing with the SEC. Of the total, USD 1.158 billion was raised in the past five months, reliable sources tell TechCrunch. Investors in the round reportedly included General Atlantic, Sequoia Capital, T. Rowe Price, Lone Pine, Glade Brook Capital, IVP, Coatue Management and Fidelity, among others. 

The website also obtained details on Snapchat's revenue performance, showing its turnover was just USD 59 million last year. However, sales accelerated in the second half of the year after the messaging app started more monetisation efforts, growing from USD 4 million in Q1 to USD 33 million in Q4. The company expects growth to accelerate and has set sales targets of USD 250-350 million in 2016 and between USD 500 million and USD 1 billion in 2017. Its active daily user base totaled 110 million at the end of 2015, up nearly 50 percent from a year earlier. 

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Mobile

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Snapchat

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Global

Tags:

Messaging, IT - applications, Finance

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