Snapchat has raised a $1.2 billion round of capital, according to a filing with the Securities and Exchange Commission. The valuation of the Venice company was not disclosed.
Investors in the ephemeral app company’s latest round include General Atlantic, Sequoia Capital, T. Rowe Price, Lone Pine, Glade Brook Capital, IVP, Coatue Management, and Fidelity, according to TechCrunch. Snapchat has raised more than $2.4 billion since its founding in 2011. The company declined to be interviewed about its latest fundraising round.
The cash infusion comes as the company boasts a fast-growing and deeply engaged audience. The startup told investors in February that it has more than 100 million daily users who spend an average of 25 to 30 minutes on the app each day.
Snapchat generated $59 million in revenue last year, according to an investor deck obtained by TechCrunch. The company has set internal sales targets of $250 million to $350 million for 2016, and $500 million to $1 billion for 2017, according to that slide show.
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