Photo messaging service Snapchat has raised US$50 million in Series C funding from private equity firm Coatue Management, according to reports.
HumanIPO reported in June Snapchat has raised US$60 million in venture capital, despite being unprofitable, and TechCrunch now reports it has raised a further US$50 million in funding, with a Forbes report it has come from Coatue Management confirmed by Snapchat.
Snapchat co-founder Evan Spiegel confirmed to TechCrunch the money will go towards growing the business, which sees over 400 million snaps sent per day and is rumoured to have approximately 30 million monthly active users.
HumanIPO reported last month on speculation Snapchat had rejected a US$3 billion acquisition offer from Facebook because it did not believe it represented value for money.
Tencent Holdings, which owns Chinese instant messaging service WeChat, has previously valued at Snapchat at US$4 billion.
