IVP Defends Investment in Snapchat

Institutional Venture Partners on Monday defended its investment in Snapchat. IVP was lead investor of the company’s recent Series B financing round. Press reports value the round at $60 million. Dennis Phelps, an IVP general partner, said in a blog post that Snapchat's growth and engagement metrics are off the charts. "Seldom have we seen a consumer application with this type of user momentum and excitement," he wrote.

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