After all that jazz, Snapchat confirmed to TechCrunch that it only raised $50 million for its Series C round from a little known hedge fund called Coatue Management. Although Evan Spiegel says the cofounders didn't cash out this time around, Dan Primack has a theory that secondaries might have been sold separately.

A source familiar with Snapchat's recent round of funding said that the teen sensation's two twenty-something cofounders, Evan Spiegel and Bobby Murphy, each received $10 million in secondary funding as individual shareholders. According to the source, that combined $20 million was on top of the $60 million Series B the company raised at an $800 million pre-money valuation.