Venice Beach Startup Receives $60M in Investment Funding

A Venice Beach startup that developed an app to allow people to send friends photos and videos that disappear 10 seconds after they have been watched, received $60 million in funding.

Established in late 2011, the company claims on its website that to date people have shared more than 20 million “snaps” per day. The team also stated on its website that thanks to the funding “there are some really exciting surprises round the corner.”

The main source of funding for the nascent company comes from International Venture Partners and the team stated on its website, “We’re fortunate to welcome IVP to Team Snapchat as the lead investor in our recent Series B financing. General Catalyst, Benchmark Capital, Lightspeed Venture Partners, and SV Angel also participated in the round. We are thankful for their belief in the Snapchat community and we look forward to working with them as we continue to grow.”