The company is currently seeking a new round of funding which will take the company value to a hefty $19 billion
Snapchat is a company that has come up with a unique application which sends photos and videos, which wipes away after few seconds of viewing. The company is currently seeking a new round of funding which will take the company value to a hefty $19 billion, according to confidential inside source. Snapchat initially started off with wiping out photo messages, and with time it became extremely popular among teenagers, however, the current worth of the company says it all about its application popularity.
Buy Now: Sony PlaysStation VR In Stock Here
According to the reports, the company wants to collect as much as $500 million in the round of financing. In case if the company becomes successful in reaching $19 billion, it will be the first private company with highest value in Silicon Valley. If the round ends, Snapchat’s value will be twice as much as last year. There are not many companies which are valued at tens of billions of dollars at this moment.
Uber, a company which utilizes a smartphone app to receive ride demands and then forward these requests to their designated drivers, appears to operational in 53 different countries and as of December 2014, is valued at $40 billion. Another technology giant in China, a smartphone manufacturer, Xiaomi Corporation, which has recently made its way up by introducing a number of high end affordable handsets in China, is valued at $45 billion. Snapchat can almost be equivalent to WhatsApp which was taken over by Facebook last year for hefty $22 billion.
Looking at the company profile, Snapchat was founded by three Stanford University students, and is named after its obvious feature of disappearing photo messages and texts. CEO Evan Spiegel, also one of Snapchat founder, rejected an offer of $3 billion acquisition made by Mark Zuckerberg, back in 2013. Though the company has not released any info on the its subscription, however, it claims that a total of 700 million photo messages were sent throughout the 2014.
Don't Miss: The Best HDR TVs