Snapchat snaps up $50 million
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SAN FRANCISCO -- Snapchat has snagged $50 million in funding for its wildly popular photo- and video-based text messaging service.
Venice, Calif.-based Snapchat on Wednesday disclosed the third round of funding in Securities and Exchange Commission documents.
Snapchat has ridden a wave of interest among younger audience fascinated with the app that allows people to send photos and videos in messages that quickly vanish.
Facebook last month offered to buy the 2-year-old startup for $3 billion, according to a source familiar with the matter, a deal that was turned down in the face of higher offers. Facebook has seen sliding teen users, so a deal for Snapchat would have addressed such concerns.
Photo-sharing app Instagram was a growing rival to Facebook used among younger audiences, leading Facebook to acquire it for $1 billion last year.
Snapchat has been approached with various offers including an investment from China's Tencent Holdings that would value the startup at $4 billion.
The investment in Snapchat brings its total to $120 million in funding.
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