US chat app Snapchat raising another $55M with $2B valuation
A recent filing seen by VC Experts shows that chat app Snapchat is raising another USD55 million in funding. The new round pushes the app's valuation to approximately USD2 billion, according to VentureBeat.
The funding round comes just six months after the company with no revenue raised USD60 million in its Series B round. A few weeks ago, the Wall Street Journal had reported that the firm was seeking to raise USD200 million with a valuation between USD3 billion to USD4 billion. Snapchat's new funding round also comes a few weeks after it reportedly rejected a USD3 billion offer from Facebook, the report detailed.
According to VC Experts director Justin Byers, Snapchat's latest round proves that the company is moving very quickly. The chat app has raised a total of USD127 million in three rounds for this year alone. Byers also speculates that the firm's founders are seeking more liquidity through the funding rounds, VentureBeat reported.
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