They were funded almost entirely by Sam Lessin, the husband of the founder, and his Facebook money. There is a massive conflict of interest there which they can conveniently avoid disclosing because it’s all arms-length.

I was surprised nobody brought that up when they were the main source of negative press about Snap. But, keep this in mind when you’re reading material from The Information — it’s the publication of choice for the retired members of the Facebook Mafia.