Snapchat Raises $485.6M In New Funding

Venice, California-based Snapchat has raised an enormous, $485.6M funding round, according to a regulatory filing from the company on New Year's Eve. Details on the funding have not yet been announced by the company. According to the filing, the funding came from 23 investors, and the first sale in the round was in April. The funding appears to be linked to an earlier reported funding effort by the company this year, led by Kleiner Perkins Caufield & Byers, which reportedly values Snapchat at over $10 billion.