Business of Fashion: Snapchat just raised $1.81 Billion in Funding
With the internet sphere engaged in an open-ended circus of endless applications, one particular app has been growing at an unprecedented rate. And this is none other than Snapchat, an image messaging and multimedia mobile application created by Evan Speigel, Bobby Murphy, and Reggie Brown, students at Stanford. The messaging app has just raised $1.81 billion in funding, as reported in a U.S. regulatory filing this week. Just earlier this year, the company raised $175 million from Fidelity Investments in a “flat round” of financing that did not adjust the company’s valuation.
Headquartered in Venice, California, the app attracts a strong user base of 13-30 year olds, hooking millennials to share their daily moments within a 24-hour time frame. The company has more than 100 million active users, about 60% are staged around 13-24 year olds. Snapchat’s 2015 revenue was reported to be stationed at approximately $59 million and with it raising nearly $1.8 billion in equity this term around that is a tremendous boost since its last funding.
Not only is it indisputable that Snapchat is becoming one of most prominent interactive social media platforms till date, it’s surely mesmerizing users and investors in all directions. Let’s remind ourselves, it was in 2013 where the founders turned down Facebook’s Mark Zuckerberg’s $3 billion purchase offer. We can’t wait to see what other filters, multimedia, and design, Snapchat will come up with.by