By Jonathan Davies

Snapchat has been valued at $10 billion after securing $485 million in its latest funding round.

It comes just over a year since Snapchat's owner and co-founder Evan Spiegel rejected a takeover bid from Facebook worth $3bn.

The funding was revealed in a filing to the US Securities and Exchange Commission (SEC). The 23 investors took Snapchat's total funding to just under $648m since it was launched.

The image-based messaging app has also made its first step towards monetisation, launching its first advertisement in October. A 20 second trailer for the horror film Ouija from Universal Pictures featured on the app.

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