According to a new report from TechCrunch, and a brand-new S.E.C. filing, Snapchat has raised a staggering $1.8 billion.
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It seems like a good time to be investing in Snapchat.
Remember when Facebook reportedly attempted to acquire Snapchat for $3 billion.
Readers: What do you think of Snapchat’s growth projections?
The Los Angeles-based company’s massive popularity stems from its ability to attract a younger audience. Snapchat operates on a rolling funding cycle, where there are concurrent, ongoing, funding rounds, and TechCrunch says Snapchat is in the process of closing a few. Earlier this year, it acquired Bitmoji for $100 million. The revenue started to increase after a slow first quarter as the company pushed its monetization efforts to increase profits.
The bulk of the reported $59m in revenue that Snapchat pulled in a year ago was made up in Q4, during which the messaging app scaled up its advertising business and raked in $33m. Its advertising business, which began last October, is the company’s only significant revenue source.
Snapchat has not disclosed any revenues, however, according to TechCrunch, which cited leaked documents, a year ago they stood at $59m, while its target for 2016 is between $250m and $350m, and for 2017 could be as high as $1bn.
Currently, Snapchat is the fastest growing social media platform – and by a wide margin.
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Snapchat’s app, which allows people to post videos and pictures that disappear after they’ve been viewed, has more than 100 million daily users who spend an average of 25 to 30 minutes on it each day.
