Snapchat value soars along with number of 'snaps'

Jun 25, 2013
Fans take a self portrait wearing faux beards in Seattle, Washington on 26, 2013. The startup behind a Snapchat application for sharing self-destructing smartphone photos and messages got a dizzying valuation on Monday in a new funding round.

The startup behind a Snapchat application for sharing self-destructing smartphone photos and messages got a dizzying valuation on Monday in a new funding round.

Reports that the company launched in late 2011 had raised $60 million from investors, giving it a market value of about $800 million, hit the Internet along with word that people are sharing more than 200 million 'snaps' daily.

"The response has been absolutely mind blowing," the Snapchat team said in a message at its website.

The startup, based in Venice Beach in the Los Angeles area, said that it has been operating on a tight budget and will use the infusion of cash from investors to beef up its engineering team and server capacity.

Snapchat did not disclose of the investment round, but online reports pegged the figure at $60 million dollars in a deal that values the company at $800 million.

"Long story short, we're committed to building a big company around an innovative and fun product," the Snapchat team said.

"There are some really exciting surprises around the corner."

On Saturday, Snapchat introduced a "SnapKidz" version of its application for that lets children younger than 13 years old take pictures or draw, and add captions, and save the images but not share them.

The application was designed to stay within the bounds of laws restricting information that can be collected about or from children.

The grown-up version of Snapchat has stirred for its potential to be used to share risque pictures that are automatically deleted, like any 'snaps,' within ten seconds of receipt.

Versions of Snapchat have been tailored for Apple devices as well as powered by -backed Android software.

Explore further: Snapchat could be LA's startup star

add to favorites email to friend print save as pdf

Related Stories

Snapchat could be LA's startup star

Jun 06, 2013

There's never a shortage of things to gawk at in Venice Beach: oiled-up bodybuilders, a two-headed turtle, over-the-top street performers.

WhatsApp storms to lead in online-messaging race

May 08, 2013

Its chief executive claims it has more users than Twitter. It's rumored to have just rebuffed a $1 billion buyout offer from Google. So what's up with WhatsApp? And how has a San Francisco startup that many Americans still ...

Recommended for you

Venture investments jump to $9.5B in 1Q

13 hours ago

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into an increasing number of deals, according to a report due out Friday.

Weibo IPO below expectations, raises $285.6 mn

Apr 17, 2014

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

User comments : 0

More news stories

Researchers uncover likely creator of Bitcoin

The primary author of the celebrated Bitcoin paper, and therefore probable creator of Bitcoin, is most likely Nick Szabo, a blogger and former George Washington University law professor, according to students ...

Researchers successfully clone adult human stem cells

(Phys.org) —An international team of researchers, led by Robert Lanza, of Advanced Cell Technology, has announced that they have performed the first successful cloning of adult human skin cells into stem ...