It’s the second day of summer, and Snapchat has raised an $ 80 million Series B round at an $ 800 million pre-money valuation, according to a source. The phat Series B round was led by Institutional Venture Partners, according to multiple sources, after being sought after by many other top-tier Valley VCs.
Contrary to prior reports, including ours, the $ 880 million post-money valuation is considerably less than $ 1 billion and considerably more than the half that originally demarcated. The company will also not be using the money to build an oversized salesforce. I have no idea where that one came from.
My guess is that Snapchat founders Evan Spiegel and Bobby Murphy will use the new money to continue to scale their foothold on the Ephemeralnet, as more people over Snapchat’s gateway, 20-something demographic realize that capturing random moments and sending them to their friends briefly (and disposably) is the cool thing to do.
Five of my friends Snapchatted me tonight; I am over 30, and so are they.