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SNAPCHAT SEEKS NEW FUNDING AT UP TO $19BILLION VALUATION
In a report by Bloomberg on Tuesday that cited a person with knowledge of the matter, messaging Application Snap Chat is looking at raising more than $500 million in a new round of funding that will see the messaging company being valued at an impressive $19 billion.
If the latest round of funding which the messaging company intends on having turns out to be fruitful, Snapchat is set to have the best evaluation yet.
According to several analysts an evaluation conducted on Snapchat after the funding will be a massive increase for the company which Facebook wanted to buy back in 2013 for only $3 billion.
The company has once had a funding round that took place late 2014.
After these round of funding Snapchat was valued at more than $10 billion, surpassing any values that had been set out by various analysts.
Snapchat just like whatsapp allows its 100 million users to send messages for free as long as they are all on Snapchat.
Despite the fact that they are somehow similar, there are certain factors which are unique with Snapchat, for instance the messages that Snapchat users send to disappear after a few second s while with whatsapp the messages can only be deleted by the user for them to be disappear.
According to Bloomberg’s source, the company’s executives are currently in talks with fund managers so as raise funds for the company.
When contacted by Reuters for more clarification on the new round of funding, the messaging company’s office in Los Angeles California could not be reached.