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Snapchat gets $50 million in funding from Coatue Management

Dec 11 2013, 10:16pm CST | by

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Snapchat gets $50 million in funding from Coatue Management
 
 

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Snapchat gets $50 million in funding from Coatue Management

Finally, a confirmation to end the rumors. Snapchat CEO and co-founder, Evan Spiegel, has confirmed to TechCrunch that it received $50 million in funding from an investor during its Series C equity financing. Spiegel's statement corrects the previous reports that the company nabbed over $55 million in funding, and with a $2 billion valuation.

Forbes is also reporting that the latest investor is the investment firm, Coatue Management. The new investment brings the total funding to $123 million. Thomas Laffont of Coatue Management says factors such as scale and uniqueness compelled them to do the late-stage investment.

"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," he added. 

Source: TechCrunch, Forbes

 

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<a href="/latest_stories/all/all/21" rel="author">Gene Ryan Briones</a>
Gene Ryan Briones (Google+) is a technology journalist with a wide experience in writing about the latest trends in the technology industry, ranging from mobile technology, gadgets and robots, as well as computer hardware and software.

 

 

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