According to a filing with the S.E.C., SnapChat, a Venice, CA-based mobile photo-sharing service, raised $50m in Series C funding.
Coatue Management reportedly made the investment.
The company intends to use the funds to scale the business.
Led by Evan Spiegel, Snapchat allows users to “snap” a photo or a video, add a caption, and send it to a friend. The snap lives for 24 hours until it disappears. The company drew attention twice in the last few months: in June when they raised a $60m Series B funding round at an $800m pre-money valuation (read here) and last month when they reportedly refused a $3bn acquisition offer from Facebook (Nasdaq: FB) .
FinSMEs
13/12/2013
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