Snapchat Announces $60M Funding

Los Angeles-based Snapchat has officially announced its Series B funding, raising $60M in a round led by Institutional Venture Partners. The funding also included General Catalyst, Benchmark Capital, Lightspeed Venture Partners, and SV Angel. The company said its users are sharing about 200 million chats every day on the service. Snapchat said the funding will go towards building a bigger engineering team, and also to "figure out how to pay our server bills." Michael Lynton has joined the company's board as part of the funding. Snapchat had been rumored to have been raising $100M at a valuation of half a billion in the round; it's unclear what the actual valuation of the funding was set at. More information »