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Snapchat Discloses $1.8 Billion Monster Funding Round

May 26, 2016, 11:04 AM UTC

What’s Snapchat been up to lately?

Closing a $1.8 billion venture capital round, according to a new document filed with the SEC on Thursday. The ephemeral messaging app was reported earlier this week to be working on new financing at a $20 billion valuation.

The document also reveals that this mega-round has been in the works since February of 2015. Last May, the company closed $537 million in funding, out of a total of $650 million it was seeking, and Thursday’s filing is marked as an amendment (or addition) to that initial round. In March, Snapchat was reported to have raised $175 million from Fidelity, and that money also seems to have been added to the final pot.

Earlier this week, documents surfaced that showed the company had authorized the sales of new shares and that Snapchat could be valued as high as $22.7 billion, up from its previous valuation of $16 billion.

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Though no investors have been disclosed, TechCrunch reports that the new round includes participation by such firms as General Atlantic, Sequoia Capital, T. Rowe Price, Lone Pine, Glade Brook Capital, IVP, Coatue Management and Fidelity are allegedly participating in this current round. TechCrunch also got its hands on a pitchdeck, showing that Snapchat generated $33 million in Q4 2015 revenue, and estimates between $250 million and $350 million in 2016 revenue.

Founded in 2011 by Evan Spiegel and Bobby Murphy, Snapchat got its start as an addictive mobile app for teens, but has since grown into a buzzy media company inking deals with major brands and publishers. Last month, the company revealed that its users watch more than 10 billion videos every day on its app.

A Snapchat spokeswoman declined comment.