In today’s overwhelming number of applications available on smartphones, which one stands out from the rest?
According to hedge fund firm Coatue Management, which invests in public and private companies in the technology, media and telecommunications sectors, believe photo-messaging company Snapchat is the next big thing.
Forbes reported that the New York-based firm has invested $50 million in a Series C equity financing in Snapchat, which brings its total funding to $123 million. Snapchat users can take photos, record videos, add text and drawings, and send them to a controlled list of recipients, who then have a limited time to view the messages before hidden from the recipient's device and deleted from Snapchat's servers.
Thomas Laffont, who runs private company investments for Coatue, explained that Snapchat’s “scale, unique product and dominant position in the mobile market," prompted the firm’s investment.
Coatue, which has an additional office in California, manages approximately $8.5 billion in assets.