The rumoured valuation is close to $50 million, according to Malik.
It's also likely that Matt Cohler, who sat on Instagram's board of directors, will be the lead partner from Benchmark.
Instagram and Snapchat actually serve very different purposes.
Instagram is about sharing filter-enhanced images enhanced with multiple friends, while Snapchat is all about sharing silly images that self-destruct within seconds.
We reached out to Spiegel for comment on the funding and will update this story if we hear back.
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