Home
Apps
Apps News
Snapchat photo sharing app raises $50 millon in funding

Snapchat photo-sharing app raises $50 millon in funding

By Reuters | Updated: 12 December 2013 10:17 IST

Snapchat, the mobile photo-sharing service beloved by teenagers and twenty-somethings, has raised another $50 million, according to a Securities and Exchange Commission filing made Wednesday.

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

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 9 percent of U.S. 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 $3 billion acquisition offer from Facebook. It raised $60 million earlier this year at a valuation of $800 million.

(Also see: Snapchat rejected Facebook's $3 billion acquisition offer: Report)

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

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.