Rumor Mill: Snapchat raises $80M Series B round, valuation climbs to $800M
Photo-sharing platform Snapchat has completed a Series B financing round totaling $80 million, vaulting the startup's pre-money valuation to $800 million, TechCrunch reports.
Multiple sources said that Institutional Venture Partners led the round and will claim a 9 percent Snapchat stake. Benchmark Capital Partners and Lightspeed Venture Partners backed Snapchat during previous fundraising efforts.
Snapchat enables users to capture photos (a.k.a. "snaps") and clips with their smartphone, overlay a text message and transmit the image to friends. Content is available to the recipient for a pre-determined viewing period between just one and 10 seconds, and then it is permanently deleted from both smartphones and from Snapchat's servers. Users now send 150 million snaps each day, up from 60 million in February--by comparison, Facebook (NASDAQ:FB)-owned Instagram generates 40 million photos daily.
In related news, Snapchat released an updated version of its app for Apple's (NASDAQ:AAPL) iOS that includes support for "SnapKidz," a new feature optimized for users under the age of 13. While only users 13 and up remain allowed to register full-fledged Snapchat accounts, SnapKidz includes an interface for taking snaps and saving them locally on the device, but it does not support sending or receiving snaps or adding friends. "We're trying it out first on iOS and if all goes well, we hope to include it in an upcoming Android update," Snapchat said on its official blog.
Snapchat for iOS revamp adds swipe navigation, in-app profiles
Snapchat adds video to Android photo sharing app
Snapchat raises $13.5 million, users sharing 60 million photos per day
Snapchat expands to Android, photo shares top 20 million per day