Photo-sharing service Snapchat raises $50 million – Reuters

Reuters – 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. FB.O It raised $60 million earlier this year at a valuation of $800 million.
Founded by a group of Stanford students, its backers include: Benchmark, Institiutional Venture Partners, and Lightspeed Venture Partners.

(Reporting by Sarah McBride; Editing by Leslie Gevirtz) ((sarah.mcbride@thomsonreuters.com)(415 677 2547 Twitter:mcbridesg)(Reuters Messaging: sarah.mcbride.thomsonreuters.com@reuters.net))

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