Snapchat nabs $485M just in time for the new year

snapchat-money

Snapchat rang in the new year with $485.6 million in new funding, according to an SEC filing published December 31.

The funding came from 23 investors, unnamed in the filing but rumored to include Kleiner Perkins and Yahoo. The startup reportedly turned down a $3 billion acquisition offer from Facebook in 2013.

Snapchat lets users send photos and videos that disappear after a few seconds, but is attempting to more elements to its messaging program in order to earn that reported $10 billion valuation. In November, the platform rolled out a mobile payments feature, called Snapcash, powered by Square.

The recent Sony hacks also revealed a number of internal Snapchat emails (Sony Entertainment’s CEO is on Snapchat’s board) that provide some insight into what the company is working on and why investors are excited about it.

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Tuesday, March 10, 2015
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