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Snapchat raises $50 million in Series C funding round

December 12, 2013|By Andrea Chang
  • Snapchat has raised $50 million in funding from Coatue Management. Above, co-founders Bobby Murphy, left, and Evan Spiegel in Venice.
Snapchat has raised $50 million in funding from Coatue Management. Above,… (Genaro Molina / Los Angeles…)

Snapchat, the Venice start-up that recently turned down a $3-billion acquisition offer from Facebook, has raised $50 million in a Series C round.

The funding was provided by investment firm Coatue Management, which has offices in New York and Menlo Park, Calif.

A Snapchat spokeswoman confirmed the funding by Coatue on Wednesday but didn't provide additional details.

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Snapchat co-founder and Chief Executive Evan Spiegel signed off on the funding in a filing with the Securities and Exchange Commission on Wednesday. The filing was light on details, with Snapchat declining to list its revenue range or name its investor.

With the latest round, the popular photo-messaging app has now raised more than $120 million. The rapidly growing start-up enables users to pre-set expiration times on their photos so that the images disappear after a few seconds.

Snapchat has been busy recently. Last week it announced that it had hired Emily White away from Instagram to be its new chief operating officer. That came on the heels of its rejection of Facebook's hefty buyout offer. And the start-up also outgrew its Venice boardwalk headquarters, relocating to 63 Market St.


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