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Benchmark’s Mitch Lasky will reportedly step down from Snap’s board of directors

Benchmark partner Mitch Lasky, who has served on Snap’s board of directors since December 2012, is not expected to stand for re-election to Snap’s board of directors and will thus be stepping down, according to a report by The Information.

Early investors stepping down from the board of directors — or at least not seeking re-election — isn’t that uncommon as once-private companies grow into larger public ones. Benchmark partner Peter Fenton did not seek re-election for Twitter’s board of directors in April last year. As Snap continues to navigate its future, especially as it has declined precipitously since going public and now sits at a valuation of around $ 16.5 billion. Partners with an expertise in the early-stage and later-stage startup life cycle may end up seeing themselves more useful taking a back seat and focusing on other investments. The voting process for board member re-election happens during the company’s annual meeting, so we’ll get more information when an additional proxy filing comes out ahead of the meeting later this year.

Benchmark is, or at least was at the time of going public last year, one of Snap’s biggest shareholders. According to the company’s 424B filing prior to going public in March last year, Benchmark held ownership of 23.1% of Snap’s Class B common stock and 8.2% of Snap’s Class A common stock. Lasky has been with Benchmark since April 2007, and also serves on the boards of a number of gaming companies like Riot Games and thatgamecompany, the creators of PlayStation titles flower and Journey. At the time, Snap said in its filing that Lasky was “qualified to serve as a member of our board of directors due to his extensive experience with social media and technology companies, as well as his experience as a venture capitalist investing in technology companies.”

The timing could be totally coincidental, but an earlier Recode report suggested Lasky had been talking about stepping down in future funds for Benchmark. The firm only recently wrapped up a very public battle with Uber, which ended up with Benchmark selling a significant stake in the company and a new CEO coming in to replace co-founder Travis Kalanick. Benchmark hired its first female general partner, Sarah Tavel, earlier this year.

We’ve reached out to both Snap and a representative from Benchmark for comment and will update the story when we hear back.


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10 Snapchat Hacks to Make Your Snaps Stand Out

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Do you want to take your Snapchat marketing up a notch? Have you explored all of Snapchat’s features? Learning to use all of the features Snapchat offers is a big part of telling stories people will want to follow. In this article, you’ll discover 10 hacks for creating more appealing Snapchat stories. #1: Use Complementary […]

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Snapchat’s new ‘Memories’ feature lets you save snaps indefinitely


Snapchat is ditching its ephemeral nature — well, kind of. A new feature named ‘Memories’ will let you save “personal moments” forever for sharing beyond the stream. Memories will live just under the camera button. All you have to do is swipe upwards to view your saved pics and video. Searches for snaps or stories things like ‘Hawaii’ can be found instantly and shared Memories, too. The reason Snapchat created this new feature seems to be broader sharing, especially to the olds who are taking the service over: You can use Memories to create new Stories from Snaps you’ve taken,…

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