Snapchat continues to make billions

Evan Spiegel

A recent filing with the the Securities and Exchange commission has revealed that Snapchat has brought in another $1.8 billion from its investors. Participants include Sequoia Capital, Spark Capital, Meritech Capital Partners and Dragoneer Investment Group.

In March, Snapchat was estimated to be worth $16 billion, and this latest boost brings the valuation up to $18 billion. Shares for the company reportedly went for $30.72 apiece, with new investors hoping to get in early with the still growing video and picture sharing app.

Last year, Snapchat surpassed their $50 million revenue goal, raising $57 million altogether. This year they’ve significantly raised their goals, hoping to reach between $250 and $350 million. Some Snapchat experts expect next years goals to double, perhaps up to a whopping $1 million in revenue for 2017.

Unlike other social media companies, Snapchat is still new and does not yet have a stable base in the ad industry, as many investors are still experimenting with how to advertise on the unique platform.

Ruth is an aspiring writer and coffee enthusiast who keeps a keen eye on the comings and goings of Australia.