Snapchat secures $485.6 million in latest round of funding


Snapchat has raised $485.6 million in the latest round of funding. The ephemeral messaging service has secured the funds from a total of 23 investors whose identity is not revealed.

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The funding was disclosed in SEC filing by Snapchat. Newly raised capital will reportedly enable Snapchat to diversify into advertising. The company has been in talks to secure capital from a mix of venture-capital firms, money managers and companies. Latest round of funding brings the total amount raised by Snapchat to more than $649 million. Snapchat had earlier raised $20 million in funding in August from Benchmark, Kleiner Perkins, and General Catalyst Partners. This  led the valuation of the company at a $10 billion.

Earlier in October, there were reports claiming that Yahoo is looking forward to invest in Snapchat. Meanwhile, in November, the company launched Snapcash tool to transfer money to friends.

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Author: Neha Aggarwal

She is an app addict and can be seen installing the latest version of apps both on Android and iOS before anyone else and loves writing about them. Her current devices include the iPhone 5S and OnePlus One and she’s excited about the Apple watch.