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.
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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.
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