Snapchat, Snapchat logo, Snapchat messenger

There’s no denying Snapchat‘s dominance of headlines lately. The app filed a restraining order against one of the alleged co-founders recently and was also the subject of an attempted takeover by Facebook.

Now co-founder and CEO Evan Spiegel has confirmed that Snapchat has raised $50 million was from a single investor, money which will be reportedly spent on building the business. The funding reportedly came via private equity firm Coatue Management, which Snapchat has confirmed.

Snapchat will spend the $50 million on building the business.

According to one person briefed on the matter, Snapchat — which had just raised $60 million in a round led by Institutional Venture Partners this summer — completed the deal because the investor was seen as a potentially strategic partner.

Snapchat has been looking to grow its business, with the possibility of raising its price tag beyond the huge $3 billion offer from Facebook. Some feel as though it was a mistake for the company to decline the offer, but it appears as though, at least so far, the company could have been right to do so. Only time will tell. Do you feel as though it was a mistake? Let us know in the comments!

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By Josh Robert Nay

Josh Robert Nay is the founder and Editor-in-Chief of TruTower. He has worked in the telecommunications industry since 2003 and specializes in GSM based technology. He also uses (too many) VoIP apps and is a long-time user of BlackBerry, Android, and Windows Phone. He adores anything having to do with space exploration and writing. In addition to the links below, he can be found on LinkedIn and can also be found on his website at