California-based social media startup Snapchat has received a $50 million in Series C round financing. A company spokesperson confirmed that the funding came from a single investor — Coatue Management, an investment firm with about $8.5 billion in assets — and would be used to help grow the video service’s business, Forbes notes.
So far, the startup has received a total of about $123 million in financing.
Snapchat made headlines last month when it reportedly rejected a $3 billion acquisition bid from social media giant Facebook (FB). Videos posted online through Snapchat’s app are visible to other users only for seconds before they disappear.
Last year, the BBC raised concerns that videos posted through the free app might not be complete scrubbed from the Internet after they are supposed to disappear.
Snapchat’s 23-year-old CEO and co-founder Evan Spiegel reportedly told an investment conference last month that woman comprise 70% of the app’s users.