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Snapchat is telling investors it will be a billion dollar company next year

Snapchat is raising a ton of venture capital money.

Snap CEO Evan Spiegel onstage
Spiegel at the 2015 Code Conference
Recode / Asa Mathat

Here's one reason investors are throwing billions of dollars at Snapchat: Its business is actually growing, and is expected to grow by a lot more in 2017.

According to an investor pitch deck TechCrunch got its hands on, Snapchat is targeting revenue of $250 million to $350 million in 2016 — the same target Recode reported earlier this year. It hit $57 million in revenue in 2015, surpassing the $50 million target the company was looking for (and Recode also reported). A nice year-over-year jump.

Snapchat expects that revenue number to jump significantly next year, too, to somewhere between $500 million and $1 billion, TechCrunch found. That's part of the appeal for investors, who just dumped $1.8 billion into the company's Series F funding round, according to an SEC filing from Thursday.

Snapchat's business is still very new and many advertisers are still experimenting with its ad offerings — that is, Snapchat is not a staple in most ad budgets yet like Facebook or Google might be. But the pitch it's giving investors certainly implies that Snapchat believes that will change.

Read this next: Inside Evan Spiegel's very private Snapchat Story


CEO Evan Spiegel on Snapchat's three-part business model

This article originally appeared on Recode.net.