The app your grandparents keep asking you to explain has one little problem: it simply can't stop raising billions of dollars from hella optimistic investors. Snapchat has raised a gargantuan $1.8 billion during its latest round of funding, as revealed in a Securities and Exchange Commission (SEC) filing Thursday. Try explaining that to your grandparents.
The latest haul brings Snapchat's valuation to "just under" $18 billion, according to TechCrunch's sources. Of the $1.8 billion investment revealed in the SEC filing, an estimated $1.158 billion was raised in the last five months. The company's money-stacking process reportedly moves on "a rolling basis," meaning the odds of reaching the previously rumored $20 billion target valuation are quite good indeed.
Leaked info also revealed that Snapchat's total number of daily active users who aren't DJ Khaled jumped from roughly 74 million in 2014 to approximately 110 million as of December 2015. But how much money does Snapchat actually make every year?
Total 2015 revenue was reportedly $59 million, with TechCrunch noting this total also includes the first part of the year, when little efforts were made for monetization. $59 million doesn't have quite the same ring to it as, say, $59 billion, but it's still indicative of a company that many investors have decided will remain valuable for years to come.
As long as Kylie and Kim keep swapping faces and perplexing the planet, DJ Khaled keeps waxing metaphoric about keys, and your grandparents keep asking questions, Snapchat should have no trouble bagging more billions throughout the year.
Speaking of your grandparents, here's Snapchat CEO Evan Spiegel breaking down what the hell Snapchat even is:
Both Snapchat and your grandparents did not immediately respond to Complex's request for comment.