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Photo-sharing service Snapchat raises $50 million


SAN FRANCISCO (Reuters) – Snapchat, the mobile photo-sharing service beloved by teenagers and twenty-somethings, has raised another $50 million, according to a Securities and Exchange Commission filing made Wednesday. The funding brings the total raised by the two-year-old company to more than $123 million. The company has no revenue, but millions of users who use it to send photos that vanish from recipients phones after a few seconds. A Pew Research Center study released in October said that 9 percent of U.S. mobile phone users use Snapchat. The funding was first reported by TechCrunch. …

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