One of the principal features of Snapchat is that pictures and messages are usually only available for a short time before they become inaccessible to their recipients. The app has evolved from originally focusing on person-to-person photo sharing to presently featuring users' "Stories" of 24 hours of chronological content, along with "Discover", letting brands show ad-supported short-form content.
Snapchat has become notable for representing a new, mobile-first direction for social media, and places significant emphasis on users interacting with virtual stickers and augmented reality objects. As of February 2018, Snapchat has 187 million daily active users.
Snap Inc. has raised a total of $4.9B in funding over 12 rounds including Kleiner Perkins, Lightspeed Venture Parners, Benchmark, Tencent Holdings, Institutional Venture Partners, Sequoia Capital, and Geodesic Capital. Their latest funding was raised on Aug 7, 2018 from a Post-IPO Equity round.