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Snapchat Bags $13.5 Million During Series A Funding

Messaging app Snapchat has fast risen to popularity and fame. The app essentially allows users to send texts which are automatically deleted from viewers’ stream after a given time. The makers have been able to raise a massive $13.5 million during the Series A round of funding.


Snapchat

The amount of funding is not unexpected given the fact that Snapchat has been able to garner and sustain a rather sizable user base ever since its launch. Currently, users are sending out nearly 60 million snaps each day, reveals the company’s co-founder Evan Spiegel. Since its launch, some 5 billion snaps have been sent so far.

Now that the company has been able to find its way through Series A round rather successfully, the overall value of Snapchat is estimated to be between $60 million and $70 million. According to Spiegel, Snapchat intends to expand itself by hiring more staff employees and getting more servers to deal with the growing load of traffic.

Currently, the company has 10 employees, which is a fairly humble workforce for an organization which is valued in millions of dollars. Given the fact that the service offered by Snapchat is unique, we can expect the company to grow further in the coming days and amass an even greater user base.

Courtesy: TechCrunch

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