On Air Now

Tune in to Listen

99.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
54° Feels Like: 54°
Wind: S 6 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Cloudy 50°

Tomorrow

PM Showers 66°

Thurs Night

Cloudy 51°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Photo-sharing service Snapchat raises $50 million

SAN FRANCISCO (Reuters) - Snapchat, the mobile photo-sharing service beloved by teenagers and twenty-somethings, has raised another $50 million, according to a Securities and Exchange Commission filing made Wednesday.

The funding brings the total raised by the two-year-old company to more than $123 million.

The company has no revenue, but millions of users who use it to send photos that vanish from recipients' phones after a few seconds. A Pew Research Center study released in October said that 9 percent of U.S. mobile phone users use Snapchat.

The funding was first reported by TechCrunch.

Snapchat drew attention last month when reports emerged that it had turned down a $3 billion acquisition offer from Facebook. It raised $60 million earlier this year at a valuation of $800 million.

Founded by a group of Stanford students, its backers include: Benchmark, Institutional Venture Partners, and Lightspeed Venture Partners.

(Reporting by Sarah McBride; Editing by Leslie Gevirtz)

Comments