Another $50 Million in Funding for Startup Darling Snapchat
Startup darling Snapchat has raised $50 million in Series C funding, according to a filing with the Securities and Exchange Commission. This comes after news that the Venice, California-based company turned down a whopping $3 billion acquisition offer from Facebook last month.
According to Forbes, the hefty round, which puts the photo-sharing app's total valuation at $2 billion, was led by Coatue Management, a Menlo Park-based hedge fund.
"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.
The company is also in the middle of a nasty court battle. Just this week, the company's two founders, Spiegel and Bobby Murphy, reportedly filed a restraining order against former Stanford University friend Reggie Brown, who has sued the company claiming Snapchat was his idea. Brown has reportedly leaked sensitive company documents to the press.