Report: Snapchat Raising $100M

Venice-based photo messaging service Snapchat is reportedly raising $100M in funding, at a valuation of half a billion dollars, according to a report Friday. Snapchat--which operates a mobile photo messaging service which is very popular with the teenage set--is backed by Benchmark Capital, and had previously raised $12.5M in its Series A, earlier this year. Southern California has been quite the hotbed of suddenly fashionable, mobile companies -- the most recent having been Viddy, which raised a funding at huge valuations last year, only to recap the firm and return funds after failing to live up to its valuation and expectations.