February 09, 2013 at 01:40 AM EST
Snapchat Raises $13.5M Series A Led By Benchmark, Now Sees 60M Snaps Sent Per Day
Snapchat, the impermanent messaging app that won "Fastest Rising Startup" at the 2012 Crunchies, has finalized a $13.5 million Series A round led by Benchmark's Mitch Lasky. According to The New York Times, Snapchat is now valued between $60 and $70 million.
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Snapchat, the impermanent messaging app that won “Fastest Rising Startup” at the 2012 Crunchies, has finalized a $13.5 million Series A round led by Benchmark’s Mitch Lasky.

According to The New York Times, Snapchat is now valued between $60 and $70 million. In December, Giga Om’s Om Malik reported that Snapchat was raising an $8 million round from Benchmark at roughly a $50 million valuation; and our own Eric Eldon wrote that Snapchat was raising a Series A “north of $10 million” at a rough $70 million valuation, led by Lasky.

Snapchat co-founder Evan Spiegel confirmed the funding to me, and noted that the company now sees 60 million snaps sent per day, and users have sent over 5 billion snaps in total. The company has hired five new employees, bringing the total staff to 10, and has moved to a new office in Venice Beach, CA.

Spiegel tells me the company will use the funding for “hiring and servers, definitely. But most importantly, it allows us to remain independent and continue to grow the Snapchat community.”

The Times also reported that Mark Zuckerberg met with the Snapchat team in December, shortly before Facebook launched carbon copy competitor Poke.

Snapchat previously raised $485,000 from Lightspeed Venture Partners.

“I started hearing Snapchat in the same context as Twitter, Instagram and Facebook,” Lasky said to The Times, echoing Barry Eggers’ sentiments when he led Lightspeed’s investment. “That got me curious.”


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