According to a source, Snapchat has raised $80 million Series B round at an $800 million pre-money valuation, during the second day of summer. Some multiple sources confirmed that Institutional Venture Partners are leading the Phat Series B round after the other top-tier Valley VC’s.
IVP linked up with Bechmark and Lightspeed, Snapchat’s present backers and also ended with 9% of company.
Opposing to the earlier reports, the $ 880 million post money valuation is less than $ 1 billion but more than the half that was originally demarcated. The company is not expected to use the money for building a sales force.
It is guessed that the founders of Snapchat, Evan Spiegel and Bobby Murphy, might use the new money for continuing to increase their foot hold on the Ephemeralnet. Most of the people over Snapchat realize that capturing random moments and sharing with friends briefly is one of the coolest thing to do.