Friday, May 29, 2015

Snapchat brings in $538 million from investors

Snapchat's co-founder and chief executive, Evan Spiegel, who turns 25 on Thursday, said this week that the company plans an IPO, though he declined to offer a timeline.

The new cash will help expand Snapchat's workforce. In February, more than 200 employees worked at Snapchat; today, more than 330 do. It's hiring people in Venice, its headquarters, as well as in New York City and Chicago. Online job postings seek computer engineers, ad sellers and recruiters. But a batch of other positions represents the social media company's multiple ambitions: for instance, “political junkies ... willing to travel to exotic locales like Iowa and New Hampshire.”

“They've seen a phenomenal growth,” said Tejas Mehta, a mobile industry research analyst at Parks Associates. “But they need to take the next steps to compete with the other players.”

From the article "Snapchat brings in $538 million from investors" by Paresh Dave.

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