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Snapchat photo sharing app raises $50 millon in funding

Snapchat photo-sharing app raises $50 millon in funding

By Reuters | Updated: 12 December 2013 10:17 IST

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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.

(Also see: Snapchat rejected Facebook's $3 billion acquisition offer: Report)

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

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Further reading: Snapchat, apps