Michael Lynton, CEO Sony Pictures Entertainment
New documents filed with the SEC show that Snapchat has raised another $50 million in investment, with a big name investor: Micheal Lynton, CEO of Sony Entertainment.
Lynton is on Snapchat's board of directors, the filing confirmed. This latter news was previously reported in June.
As we previously reported, new regulatory filings showed that Snapchat was about to raise a hefty chunk of money. It authorized 1,600,000 shares @ $34.0893 per share, or just over $54.5 million, and with that transaction, the company would be valued at about $2 billion, according to Justin Byers at VC Experts, a site that tracks the financial information of private companies.
This new regulatory filing says that Snapchat is selling off $50 million worth of equity.
And that's interesting because it's still far less than the $200 million they were rumored to be seeking. (Prior to this, Snapchat has raised $73 million to date, according to its CrunchBase profile._
And a $2 billion valuation, while still impressive for two-year-old company with no visible business model, is less than the rumored $3 billion or $4 billion valuation the some were speculating it had.
It's still too early to know if saying no to billions was a wise choice. But the addition of tech powerhouse Michael Lynton is a good sign. Lynton can certainly help advise Snapchat on capturing the advertising dollars of Sony and his previous employer, Disney.
Here's a link to the full SEC document.
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