With $60 Million In Additional Funding, Snapchat Is Seeing Around 200 Million Images Shared Per Day
Snapchat is a photo messaging application that is used by millions of people. The company is now seeing around 200 million images shared per day, which is up from 150 million two months ago. The company also raised $60 million in a new round of funding recently led by Institutional Venture Partners (IVP). General Catalyst, Benchmark Capital, Lightspeed Venture Partners, and SV Angel also participated in that round of funding. The company said that the funding was going to go towards hiring more engineers and paying for infrastructure.
Snapchat is currently not monetizing their service, but the round of funding was intensely competitive. IVP’s Dennis Phelps said that the company’s momentum is off the charts. Snapchat also has a large user base with valuable demographics. People find Snapchat fun to use because people share photos that disappears within seconds of being viewed by the recipient. The company updated their iOS earlier this month.
This past weekend, Snapchat released a new feature called SnapKidz. This feature is aimed at children that are under 13 years old. SnapKidz is built within Snapchat and it blocks kids from sharing pictures with anyone. They can still take pictures, draw on them, and save the pictures on the device though.
This is the first time that Snapchat allowed users under the age of 13 to sign up due to the Children’s Online Privacy Protection Act (COPPA) law. This law requires that safeguards are put in place for services that allows minors. Facebook still does not allow children under 13 to create an account due to that same law.
SnapKidz is currently available on just iOS as of right now. If the service does well, it will be ported to other platforms as well.