Snapchat Adds $50 Million In Funding
Snapchat has secured another $50 million in funding for its rapidly growing photo- and video-based mobile messaging service. The third-round financing, disclosed Wednesday in a securities filing, brings the total raised by the start-up to $123 million, according to Crunchbase.
Snapchat in the last two years has ridden a wave of popularity especially among younger users who have embraced its defining feature -- photos and videos that vanish quickly after being shared. CNET and Business Insider last month reported that Snapchat now processes 400 million snaps per day.
Underscoring its white-hot status, Facebook in November offered to buy Snapchat for $3 billion, according to reports, but the company turned down the deal in anticipation of better offers to come. Facebook paid $1 billion for photo-sharing app Instagram last year.
Snapchat has reportedly been approached with other offers, including an investment from China’s Tencent Holdings that would value it at up to $4 billion. TechCruch reported Wednesday reported that its latest investment came from a single investor, citing confirmation from Snapchat co-founder Evan Siegel.