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It’s the second day of summer, and Snapchat has raised an $60 million Series B round at an $800 million pre-money valuation, according to a source. The phat Series B round was led by Institutional Venture Partners, according to multiple sources, after being sought after by many other top-tier Valley VCs.
After putting in its dough, IVP ends up with roughly 9 percent of the company and hooks up with Benchmark and Lightspeed, Snapchat’s existing backers.
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