Tech company raises $1.8 billion in Series B funding

folarin okunola

May 27, 2016 11:15 AM

The popular social media app is reportedly targeting a post-money valuation of about $20 billion.

Snapchat

Media reports confirm that Snapchat has raised $1.8 billion in new funding. The funding round was revealed in a Snapchat filing with US Securities and Exchange Commission.

The popular social media app is reportedly targeting a post-money valuation of about $20 billion. The funding comes from General Atlantic, Sequoia Capital, T. Rowe Price, Lone Pine, Glade Brook Capital, IVP, Coatue Management, and others, according to a Techcrunch report.

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The report reveals that the "Los Angeles-based company recently started its monetization efforts and brought in just $59 million in revenue in 2015."

Snapchat has also estimated that revenue for 2016 will be between $250 million and $350 million, while it forecasts $500 million and as much as $1 billion for 2017.

Other media reports noted that Snapchat had 110 million daily active users as at December 2015, an increase of 74 million from the year before, highlighting about 50% in growth for the platform.

folarin okunola