The Startup That’s Obviously For Sexting, Snapchat, Just Raised A Truckload Of Money At A Nice Valuation

snapchat team

[credit provider=”Snapchat” url=””]

Snapchat, the real-time photo sharing app that we’ve been obsessing over, is reportedly raising an $8 million round led by Benchmark Capital, Om Malik of GigaOm reports.The rumoured valuation is close to $50 million, according to Malik.

It’s also likely that Matt Cohler, who sat on Instagram’s board of directors, will be the lead partner from Benchmark.

Instagram and Snapchat actually serve very different purposes. 

Instagram is about sharing filter-enhanced images enhanced with multiple friends, while Snapchat is all about sharing silly images that self-destruct within seconds.

One reason Snapchat is popular is that it is used by lots of people for “sexting.” (CEO Evan Spiegel disputes this, and wishes people like us would stop saying it.)

We reached out to Spiegel for comment on the funding and will update this story if we hear back.