This brings the company’s fundraising total to $75 million to date, All Things D reports. The funds will be used “mostly for server builds and hiring purposes,” co-founder Evan Spiegel told All Things D.
Snapchat has become insanely popular since its inception two years ago, with everybody from tweens to Wall Streeters now sending more than 200 million snaps each day, the Snapchat blog reports. That’s a lot of selfies.
The company has only 17 employees as of this morning, All Things D reports, and also welcomed Sony Entertainment CEO Michael Lynton as a new independent board member.
Mr. Spiegel wouldn’t tell All Things D when the app will begin to monetize, though he admitted such changes could come “in the medium term.” He added that the company is “excited about in-app transactions because of what we’ve seen in the Asian markets,” as well as native advertising, so maybe your next dick-pic could arrive with a side of Sony ad.
‘Acquisitions can be pretty distracting,’ Spiegel said. ‘We feel like this is early innings in a highly competitve [sic] marketplace. We’re just really focused on building right now.’
Good for Snapchat, but if such an acquisition means all our dumb, unflattering snaps will be tangentially linked to our Facebook profiles, we might have to move on to the next smartphone craze, whatever it may be.