Snapchat releases video sharing and begins prototyping monetization features. Funders appear to include Benchmark Capital, one of the funders of Instagram. Snapchat is reported to be raising north of $10 million at a $70 million valuation. For comparison, when Instagram had 10 million users it processed 25 photos a second. Snapchat says that users are sharing about 20 million images a day, or about 231 per second. Snapchat is processing about 25 images a second. Liew, Eggers' partner at the firm, pursues Snapchat and agrees to invest $485,000 in the company. Subsequently, Barry Eggers, a managing director at the venture capital firm Lightspeed Ventures, learns from his teenage daughter that the three most popular apps among her friends are Angry Birds, Instagram, and Snapchat. Īfter Spiegel and Bobby Murphy force Reggie Brown out of the company, they re-incorporate as Snapchat, and begin to acknowledge the idea as theirs alone, giving no recognition to Reggie Brown. Snapchat first launches from Evan Spiegel's father's living room under the name Picaboo, as an iOS-only app.
Snapchat co-founder Reggie Brown creates the idea for an ephemeral messaging platform. The IPO occurs on Thursday, March 2, 2017. It also prepares for an initial public offering (IPO) in 2017. The company rebrands itself from "Snapchat Inc." to "Snap Inc." and unveils the Spectacles. Note, however, that unlike Facebook, that counts a view only after at least three seconds on it (and YouTube, which follows a more restrictive definition), Snapchat counts a view as soon as the video start playing, making its numbers hard to compare with Facebook. Daily video views grow from 2 billion in May 2015 to 6 billion in November 2015 and 10 billion in April 2016.
With the additional funds, Snapchat aggressively improves the product, with changes such as Chat 2.0, the introduction of stickers, and new monetization strategies. Since Snapchat raises money more continuously, it is hard to pinpoint a specific funding round, creating some confusion for reporting. Snapchat raises large funding rounds (Series D: $485 million, Series E: at least $200 million but possibly up to $500 million, and Series F: $1.8 billion). Initial versions are launched and an initial userbase is obtained.Īggressive fundraising, focus on video, more product iterations Snapchat is conceived by Stanford graduate students. The following is a timeline of the history of the photo messaging software Snapchat.
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