Turns out it costs a lot of money to keep all your selfies up and running. Snapchat announced Monday morning that the company has raised a $60 million Series B round, just after a recent $13.5 million Series A round in February in order to build out the infrastructure that keeps Snapchat going.
Not an easy task when users are now sending 200 million snaps per day, up from 60 million snaps per day in February.
The round put the company at an $800 million pre-money valuation, reports say, which is close to Om’s earlier reports this month. The round was led by IVP, with existing investors General Catalyst, Benchmark Capital, Lightspeed Venture Partners and SV Angel participating.
Snapchat’s explosive growth has caught the interest of investors, who’ve taken notice of the company that allows you to send semi-ephemeral photos and videos of yourself to others. The company explained the growth in a blog post Monday morning:
“When we launched Snapchat in September 2011, we were finally ready to share something we loved with the rest of the world. We had created a different way to communicate with our friends – it felt more personal, and it was a lot more fun. We hoped the rest of the world would love it too.
The response has been absolutely mind blowing. Less than two years later, Snapchatters are sharing over 200 million snaps every day. And thanks to our incredible and hardworking team, we’ve been able to support the growth of Snapchat with minimal overhead.
But in order to continue scaling while developing the Snapchat experience, we needed to build a bigger engineering team and figure out how to pay our server bills.”