Snapchat Raises $50 Million In New Funding


Snapchat

Snapchat reportedly turned down a $3 billion acquisition from Facebook last month, and today confirmed a new $50 million investment.

CEO Evan Spiegel confirmed the news, and says the investment came from a single investor who he would not disclose.

According to TechCrunch, Snapchat was reportedly planning on raising $200 million in new funding from Tencent, China’s largest Internet service portal.

However, according to inside sources and recent court documents, it appears Tencent has already invested in the mobile app during an earlier round of funding.

To date, Snapchat has raised around $123 million, and last week it hired Emily White, former Director of Operations at Instagram, as its new COO.


Mike Stenger

Lover of technology, Mike often makes jokes that nobody laughs at.

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