Friday, May 29, 2015

Snapchat At Funding Trough Again, Raising $650M

Venice-based Snapchat has raised $537.6M more--part of an ongoing $650M funding round--as the instant messaging app developer continues to break Southern California records in both total funding and valuation. According to a regulatory filing, the latest funding round had its first funds committed in February, and so far has 35 investors. The new investors reportedly include Alibaba, Fidelity, York Capital, and Glade Brook Capital, and the funding has widely been reported at valuing the company at around $16 billion. Snapchat has now raised north of $1.15‎ billion. Southern California has seen less than a handful of companies to raise such a large total of money, including now defunct Fisker Automotive ($1.4 billion raised), and much more successful SpaceX ($1.2 billion). More information »