Snapchat it’s Obviously For Sexting,

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

Snapchat, the real-time photo sharing app that we’ve been obsessing over, is reportedly raising an $8 million round light emitting diode by Benchmark Capital, Om Malik of GigaOm reports.

The rumoured valuation is near to $50 million, according to Malik.

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

Instagram and Snapchat actually serve very different purposes.

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

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

We reached out to Spiegel for touch upon the funding and certainly will update this story if we hear back.