Snapchat valued at $500 million?

Snapchat valued at $500 million?
Snapchat has raised almost $100 million in new funds, valuing the company at over $500 million.

The service allows Android and iOS users to send and receive photos and videos that disappear after a certain amount of time (under 10 seconds).

Two months ago, the company raised $13.5 million from Benchmark Capital and the new $100 million is from undisclosed investors.

Snapchat has seen huge growth in value since February when it was valued at $70 million. CEO Evan Spiegel says users upload 150 million images per day, up from 20 million last October. The app has 5 million active users.

It is unclear why the valuation is so high, especially since the app has yet to monetize its userbase.

Written by: Andre Yoskowitz @ 8 Jun 2013 13:29
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  • Tazer247

    Sounds like nothing but a sexting app.

    8.6.2013 14:23 #1

  • GryphB

    snapshot that "O" face already.

    8.6.2013 18:37 #2

  • Jemborg

    Half a bill'... give me a break.

    Its a lot easier being righteous than right.

    9.6.2013 21:49 #3

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