SAN FRANCISCO Dec 11 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
Founded by a group of Stanford students, its backers
include: Benchmark, Institiutional Venture Partners, and
Lightspeed Venture Partners.