“The startup behind a Snapchat application for sharing self-destructing smartphone photos and messages got a dizzying valuation on Monday in a new funding round. Reports that the company launched in late 2011 had raised $60 million from investors hit the Internet along with word that people are sharing more than 200 million ‘snaps’ daily. The startup said that it has been operating on a tight budget and will use the infusion of cash from investors to beef up its engineering team and server capacity. Snapchat has stirred controversy for its potential to be used to share risque pictures that are automatically deleted, like any ‘snaps,’ within ten seconds of receipt.”
http://www.rawstory.com/rs/2013/06/24/snapchat-market-value-hits-800-million/
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