Coatue Invests $50M In Snapchat

Dec 12 2013 | 1:06pm ET

Coatue Management is the newest investor in photo-messaging service Snapchat.

Snapchat, which allows users to send pictures that are deleted after only a few seconds, announced a new $50 million round of fundraising this week. New York-based Coatue provided the whole amount.

The investment comes just a month after Snapchat reportedly turned down a $3 billion cash offer from Facebook Inc. It was the second time the company rejected an acquisition bid from the social-networking giant.

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