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.

To read more about the Snapchat founders, Evan Spiegel and Bobby Murphy, head over to their complete profile.