Snapchat closes out 2014 by raising a ton of cash
See the original posting on The Verge
Snapchat wrapped up 2014 on a pretty good note: a privacy complaint from the FTC is now settled, and the company raised a whole ton of cash to close out the year. As most people were making plans to ring in 2015 yesterday afternoon, Snapchat quietly issued an SEC filing that shows it’s raised $485.6 million from a pool of 23 investors in recent months. That puts its valuation at at least $10 billion, according to Bloomberg.
As TechCrunch notes, Snapchat didn’t disclose who chipped in, nor which investment firm led the round. That’s believed to be Kleiner Perkins Caufield & Byers, with Yahoo among other investors eager to hitch a ride on Snapchat’s incredible rise and continued growth. TechCrunch reports hearing that with this latest…