Snapchat Raising At Reported Valuation Of $20B by PitchBook
Snapchat is raising an additional $200 million in funding, according to a TechCrunch report, this time at a valuation of around $20 billion. The funding comes fewer than three months after a $175 million raise valued the company at $16 billion, the same valuation as the company’s previous round of funding. The new investment will bring Snapchat’s total funding past $1.5 billion—impressive stuff considering the disappearing messaging service is still a few months shy of its fifth birthday.
Just six months ago, the company was thought to be one of the unicorns likely to see a major drop in valuation. In November, Fidelity lowered the value of its Snapchat investment by around 25%, which many saw as evidence of a tech bubble. But maybe the more interesting commentary is that a $20 billion valuation would be almost 7x larger than the $3 billion acquisition offer made to Snapchat by Facebook (NASDAQ: FB) in 2013. It appears rejecting those overtures was a much smarter move than many believed at the time.
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We’ve highlighted Snapchat as today’s featured PitchBook Profile, so you can check out the company’s funding history, management team and more right here.