Snapchat announces $3.5mn fund for creators, developers

New Delhi: Photo-messaging app Snapchat on Thursday announced an investment of $3.5 million to expand its support for Augmented Reality (AR) creators and developers on its platform.

According to the company, this new investment will continue its commitment to funding opportunities for Lens Creators to work on sponsored projects, connect personal passions with Lens creation, and participate in its AR Creator Residency Programme.

Snapchat also announced a powerful upgrade to Lens Studio, one of the most popular AR tools on the market.

This new 3.3 release is focused on improving creator workflows by providing tools and resources that professional creators need, as well as features that save time and improve the quality of Lenses.

Recently, Snapchat saw its daily active user base jump to touch 249 million, from 238 million in the last quarter, as the company registered a 52 per cent increase in revenue at $679 million in its third quarter.

The stock of its parent company Snap rose 17.1 per cent after bumper quarter results. Operating cash flow improved by $21 million to $55 million in Q3 compared to the prior year.