Snapchat is a popular messaging app where users send each other photos and videos through mobile devices that self-destructs within seconds. According to a report found by VC Experts, Snapchat is going to be raising around $54.5 million with a $2 billion valuation. This is substantially less than the $200 million that they were rumored to be raising after turning down an acquisition offer from Facebook. The report does not indicate whether all the authorized shares were sold, but the company would be valued at $2 billion if they were.
“We pulled their most recent restated certificate of incorporation filed just a few weeks ago 11/26/2013, and it shows that they have authorized a new Series C Preferred for approx. $54,542,880 (1,600,000 shares @ $34.0893 per share),” said VC Expert’s Justin Byers in an interview with Business Insider. Likely, the founders of Snapchat would be cashing out some of their equity with this round.
Snapchat has raised a total of $73 million in funding thus far. Below is a copy of the filing:
VCExperts Snapchat 11262013
– Snapchat poaches Emily White from Instagram as COO
– Snapchat CEO Evan Siegel Says Ousted Co-Founder ?Deserves Something.?
– Snapchat Is Hitting 400 Million ?Snaps? Uploaded Per Day
– Google Supposedly Made A $4 Billion Offer For Snapchat
– Facebook Reportedly Made A $3 Billion Offer For Snapchat, But Got Turned Down
– Reggie Brown Filed A Lawsuit Against Snapchat Execs And Investors