Snapchat is growing at an unprecedented rate…
Snapchat has raised over $1.8 billion in its latest funding round. And yes, that’s with a ‘B’: SEC filings published today (Thursday, May 26th) reveal Snapchat’s latest funding round totaled $1,808,560,006.
Investors included General Atlantic, Sequoia Capital, T. Rowe Price, Lone Pine, Glade Brook Capital, IVP, Coatue Management and Fidelity, and several others, according to Techcrunch.
Leaked documents were also provided by a source who was approached by Snapchat to invest, revealing some interesting numbers about the company. Revenue rose from $4 million in Q1 2015, to $5 million in Q2, then the company experiences a massive increase to $17 million in Q3 and again another huge growth in revenue to $33 million in Q4.
It was also noted that revenues will be between $250 million and $350 million by the end of 2016, and between $500 million and as much as $1 billion in 2017.
It is evident that the app is becoming one of the most innovative and interactive social media platforms through heavy investment in its features that are captivating users’ attention. Snapchat has previously announced that the growth of video views surpassed 350% last year to more than 10 billion daily video views.
What’s next for Snapchat?
The company will continue to raise funding to grow and expand its range of features for its users. With the addition of features like ‘face swap’, which have taken the social media scape by storm, the service is quickly becoming the go-to app to share stories and posts with friends and family.
The company will continue to grow independently and raise funds to feed large cash injections into the business. The company turned down a $3 billion purchase offer from Facebook’s Mark Zuckerberg back in 2013, signaling that Snapchat was determined to become an independent business and a leader in the social media market.