Photo-sharing service Snapchat raises $50 million

SAN FRANCISCO Wed Dec 11, 2013 4:50pm EST

SAN FRANCISCO Dec 11 (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, Institiutional Venture Partners, and Lightspeed Venture Partners.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article