"They have already reached an incredible scale," Coatue head Thomas Laffont told Forbes. "And what you do on Snapchat is not something you can do on any other communication platform. We think they’re revolutionizing how people communicate in a mobile-centric world."
Co-founder Evan Spiegel has not yet revealed how he plans to use this latest cash infusion.
The company recently announced that it hosts over 400 million "snaps" per day and that this latest round brings its total investment to $123 million.