Snapchat Raises $13.5M

Venice Beach-based Snapchat, the developer of a popular mobile application which lets users take "self destructing" mobile photos of themselves that they can send to friends, has raised $13.5M in a Series A funding, according to multiple reports. The funding came from Benchmark Capital, led by Mitch Lasky. The New York Times said the funding valued the company at between $60 and $70M. Snapchat develops a somewhat controversial application popular for "sexting". The firm's CEO is Evan Spiegel. More information »