Snapchat, the popular mobile messenger app, may be eyeing the music business.
According to a SEC filing on New Year’s Eve, the company has raised a whopping $485.6 million in a latest round of funding. The filing notes that 23 investors were involved in the round.
The funding comes four months after Snapchat raised $20 million and brings the total it has raised to more than $649 million. Techcrunch speculates that one of the latest investors may have been Yahoo, who is reportedly seeking to invest in the app, which allows people to send videos or photos that quickly self-destruct.
Since launching in 2011, Snapchat has grown to over 100 million users, though it still has almost no revenue. According to Bloomberg, the new cash infusion brings the start-ups’ valuation at $10 billion.
Leave a Reply