Photo-sharing service Snapchat raises $50 million
SAN FRANCISCO (Reuters) - 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.
Founded by a group of Stanford students, its backers include: Benchmark, Institutional Venture Partners, and Lightspeed Venture Partners.