Snapchat Inc., the company behind the eponymous popular messaging app, is targeting a $19 billion valuation with a new round of funding, BloombergBusiness reports. Citing a person with knowledge of the situation, Bloomberg says the company is seeking to raise up to $500 million in the new financing round. If it succeeds, Snapchat Inc. would become the third-highest-valued startup backed by a venture capital firm, trailing only Uber Technologies Inc. and Chinese smartphone manufacturer Xiaomi Corp.
The talks are still private, but the source says that Snapchat Inc. executives are in "advanced discussions" with fund managers. Last year, CEO Evan Spiegel reached a $10 billion valuation for the company and received financing from 23 different investors totaling $485.6 million.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
A history of student protest at Columbia UniversityThe Explainer Anti-Israel demonstrations at NYC's Ivy League university echo protests against Vietnam War and South African apartheid
-
'Trump is ruled in contempt'Today's Newspapers A roundup of the headlines from the US front pages
-
Hainault sword attack: police hunt for motiveSpeed Read Mental health is key line of inquiry, as detectives prepare to interview suspect
-
Puffed rice and yoga: inside the collapsed tunnel where Indian workers await rescueSpeed Read Workers trapped in collapsed tunnel are suffering from dysentery and anxiety over their rescue
-
More than 2,000 dead following massive earthquake in MoroccoSpeed Read
-
Mexico's next president will almost certainly be its 1st female presidentSpeed Read
-
North Korea's Kim to visit Putin in eastern Russia to discuss arms sales for Ukraine war, U.S. saysSpeed Read
-
Gabon's military leader sworn in following coup in latest African uprisingSpeed Read
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstancesSpeed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governorSpeed Read
