the saga of Snapchat. First, some background for
those unfamiliar with the messaging app.
Snapchat is known for the way its users' pictures
and videos 'self-destruct' ten seconds after being
viewed. Trying to become more mainstream, the
app recently hosted the first music video from
Madonna's new album .
Back in 2013, the company raised $60 million at a
'meager' $800 million valuation . Things really
took off just five months later when Facebook
allegedly offered $3 billion for Snapchat. It must
have taken some will power to reject that offer,
and even more to say no to a $4 billion offer
from Google .
The most recent financing round valued Snapchat
at $10 billion. That was in August, a mere 6
months ago. Now, wire service reports say that
Snapchat is looking at raising $500 million at a
whopping $16 to $19 billion valuation. According
to the report, Snapchat brass is talking with
fund managers who are looking to make the
investment.
At a valuation of $19 billion, Snapchat would
trail only Xiaomi and Uber among privately owned
tech firms. Xiaomi, which is rumored to be talking
with investment bankers about an IPO, has a
valuation of $45 billion while Uber is said to be
worth $41 billion. Uber too, is said to be
considering going public.
source: Reuters
No comments:
Post a Comment