Snap Inc’s Path to IPO
In April of 2011, three members of the Kappa Sigma fraternity at Stanford University founded an ephemeral photo sharing app branded as “Picaboo”—six years and 110 million users later, Snap Inc (formally Snapchat) is gearing up for the biggest tech IPO in recent history at a staggering valuation of $20B.
How did Snapchat get there so quickly?
[July 2011]: Snapchat launches an initial iOS-only app called “Picaboo”.
[May 2012]: Snapchat users share 25 images per second.
[October 2012]: Snapchat launches Android version of app.
[December 2012]: Snapchat raises $10M from Benchmark Capital (a lead investor in Instagram).
[April 2013]: Snapchat users share 1700 images per second.
[November 2013]: Snapchat declines a $3 billion acquisition offer from Facebook.
[October 2014]: Snapchat begins offering advertising options.
[December 2014]: Snapchat raises a $485M series D round.
[May 2015]: Snapchat reaches 100M active users.
[May 2016]: Snapchat raises a series F round brining its total funds raised to an impressive $1.8B.
[November 2016]: Snapchat releases its first hardware product, Spectacles which took the tech world by surprise. Spectacles are important because Snap Inc positioned them more as a “toy” than a serious tech gadget (ie: polar opposite positioning of google glass).
[February 2017]: Snapchat announces it will IPO with a $20B valuation.