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January 2, 2015

Happy NYE for Snapchat with $485m of funding

Funding disclosed in Securities and Exchange Commission filing.

By Ellie Burns

Snapchat has raised nearly half a billion dollars according to a Securities and Exchange Commission filing made on New Year’s eve. The round of funding could put a $10 billion valuation on the US messaging start-up.

The filing reveals that Snapchat has raised $485,633,975, with the total number of investors involved in the offering numbering 23.

Although the names of the investors were not disclosed, Bloomberg reported that Yahoo and venture capital firm Kleiner Perkins Caufield & Byers could be involved.

Those named on the filing include founder Evan Spiegel, in addition to Sony CEO Michael Lynton and Benchmark partner Mitch Lasky who are named as ‘related persons’.

After a year which saw the company reject a $3bn acquisition offer from Facebook and the introduction of advertisements, the large round of funding could signal significant expansion plans for 2015.

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