Snapchat began as Picaboo in 2011 at Stanford University, growing to over 1 billion snaps sent by November 2012 and receiving a $4 billion valuation from Google in 2013 despite having no revenue model. It has raised $123 million in funding and seen continued growth in user metrics, achieving high valuations through its novel ephemeral messaging features that appeal to younger users, though questions remain about developing a long term revenue strategy.