Thursday 17 April 2014

Snapchat raises a further $50m

Snapchat; temporary picture sharing app

Snapchat, the mobile photo-sharing service, has raised another $50m (€36m), according to a Securities and Exchange Commission filing.

The funding brings the total raised by the two-year-old company to more than $123m.

The company has no revenue, but millions of users who use it to send photos that vanish from recipients' phones after a few seconds. A Pew Research Center study released in October said that 9pc of US mobile phone users use Snapchat.

The funding was first reported by TechCrunch.

Snapchat drew attention last month when reports emerged that it had turned down a $3bn acquisition offer from Facebook. It raised $60m earlier this year at a valuation of $800m.

Founded by a group of Stanford students, its backers include Benchmark, Institutional Venture Partners and Lightspeed Venture Partners.

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