Photo-sharing service Snapchat raises $50 million

SAN FRANCISCO Wed Dec 11, 2013 5:10pm EST

1 of 2. Fans take photos with their mobile phones during the VH1 'Divas Salute The Troops' show at the Marine Corps Air Station Miramar in San Diego, in this December 3, 2010, file photo.

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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.

(Reporting by Sarah McBride; Editing by Leslie Gevirtz)

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