Launched in 2011 the developers behind the photo sharing app Snapchat have just secured around $60 million in fundng, according to Petapixel, this investment ‘pegs the value of the company at a staggering $800 million’.
It’s a well known fact that the best ideas are the simple ones and Snapchat fits that remit. The purpose of the app is to transmit images to their friends mobile devices – but the ‘catch’ is that the photo only display for tens seconds or less – the app sends a notification message to the sender when the recipient screencaps the image. That’s it and believe it or not over 200 million snaps are shared via this service daily. In February this year there were 60 million daily snaps shared, with this new round of funding this service is about to get a lot bigger.
It’s interesting but as Petapixel point out ‘despite the impressive valuation, however, it remains to be seen how Snapchat will monetize the service moving forward’.