A mystery investor has backed Snapchat in the form of $50 million in Series C funding.
Snapchat co-founder Evan Spiegel confirmed the investment with TechCrunch. Its Series B round saw it collect AU$60 million, but that was a combined effort between Institutional Venture Partners, General Catalyst Partners, SV Angel, Benchmark Capital, and Lightspeed Venture Partners.
Together with initial investments, the company has now accumulated AU$123 million in capital, providing it with the funding needed to sustain the business as it currently does not have a revenue model.
In June, the company was believed to be worth $800 million during its Series B. Then, last month, Facebook reportedly offered $3 billion for the company.
Snapchat has not been trouble free, however, with a loophole making the personal information of users allegedly up for grabs. It's main feature — photos that can be shared only for a short time frame — is also easily defeated by anyone simply taking a screenshot on their device.
Nevertheless, the application does have a significant younger-generation following, which makes it prime for an acquisition by a larger technology company.