Snapchat has raised $1.8 billion in new funding. The funding round was disclosed in a filing with the Securities and Exchange Commission. The app, known for disappearing messages, is said to be targeting a post-money valuation of around $20 billion.
The investments come from General Atlantic, Sequoia Capital, T. Rowe Price, Lone Pine, Glade Brook Capital, IVP, Coatue Management, Fidelity and others, according to TechCrunch.
A TechCrunch leak stated that the “Los Angeles-based company recently started its monetization efforts and brought in just $59 million in revenue in 2015.”
The leak also stated the company has estimated that revenues will be between $250 million and $350 million for 2016, and between $500 million and as much as $1 billion for 2017.
The deck also noted that Snapchat had 110 million daily active users as of December 2015, up from 74 million a year before, growing nearly 50%, with previous months seeing even higher growth rates. Sources say that it generates 10 billion video views per day.
