SnapChat Raises $50M in Series C Funding

Snapchat_logoAccording 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) .



Related News
11/02/2013: Snapchat Raises $13.5M
24/06/2013: Snapchat Closes $60M Series B Funding Round at $800 Pre-Money Valuation

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