The company turned down offers of $3 billion and $4 billion from Facebook and Google, respectively.
Snapchat lets its users send videos and photos and messages which disappear after a little bit. That privacy feature appeals to young people who don’t want pages of data stored about them in some database, easily accessible by future employers, colleges and marketers.
So it only makes sense that more of these type of apps might start to pop up.
The company raised the money from Dirk Elmendorf, co-founder of Rackspace; Rony Kahan, CEO/co-founder of Indeed.com; Doss Cunningham, CEO of Woodbolt International and several other angels.
Bearch plans to use the money to market its app to more colleges and to continue to develop its features.
“First released in May 2014 to Texas A&M University students, Unseen was created by Bearch Co-founders Michael Schramm and Munjal Budhabhatti,” according to a news release. “Unseen connects students by providing a safe place to share thoughts, experiences, and struggles without fear of repercussions or judgment. The app requires no sign in, logins or names – only that the user associate with a college campus – and can be downloaded for free on the iPhone app store.” It also offers an Android version.