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.

2 comments about "Snapchat Adds $50 Million In Funding".
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  1. Trevor Jacobson from CURBED Network, December 12, 2013 at 10:59 a.m.

    think there's a type - "total raised by the start-up to $123 billion." I would imagine that was meant to be $123 million unless this start up is just that insanely well funded...

  2. Thomas Siebert from BENEVOLENT PROPAGANDA, December 12, 2013 at 4:45 p.m.

    Just in time for Instagram to offer their own version: http://blog.instagram.com/post/69789416311/instagram-direct

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