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


Credit: Gigaom illustration

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 [company]Yahoo[/company]. The startup reportedly turned down a $3 billion acquisition offer from [company]Facebook[/company] 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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