The Snapchat Team
Image: Snapchat
The insanely popular mobile phone application Snapchat, which sends and then automatically deletes photo messages, attracted a fresh pot of venture capital this month, raising over $60 million in funding and guidance from Sony Executive Michael Lynton.
The investing round valued the Venice Beach-based company, which handles over 200 million picture messages a day, at $800 million. The price seems outrageous for a company that has yet to make any significant revenue, but the startup world is still thirsty from the billion-dollar acquisition of Tumblr by Yahoo last month. The app was founded in 2011 by Stanford fraternity brothers Evan Spiegel and Bobby Murphy.
