Connect with us

Hi, what are you looking for?

Gadgets & Apps

Snapchat deal would value firm at $19 billion: report


Snapchat, the vanishing-image service, is seeking to raise venture capital in a deal that would value the startup at $19 billion, The New York times reported Wednesday.

The financing round could provide Snapchat with $500 million, the paper said, quoting a person with knowledge of the discussions.

If it obtains that amount, the privately-held company’s valuation would shoot to $19 billion — nearly double the figure from a year ago.

Last year the firm held financing talks on the basis of the company’s value being assessed at $10 billion, the Times added.

The company was formed by three Stanford University students in 2011.

The deal would make Snapchat one of the highest-valued startups in the world.

That valuation of Snapchat would near that of WhatsApp, the instant message service that Facebook acquired last year for nearly $22 billion.

In 2013, Snapchat rejected a $3 billion takeover from Facebook, the Times recalled.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...