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Snapchat wants $19 BEEELLION for your selfies
Hey, if it was good enough for WhatsApp…
Photo-sharing service Snapchat is reportedly seeking funding that would value the company at US$19bn.
A report from Bloomberg cites sources familiar in claiming that the disappearing pic specialist wants to raise $500m in funding based on the hefty $19bn valuation.
That round of funding would, to say the least, represent a significant increase over Snapchat's 2013 valuation. At the time, the company drummed up $60m based on a valuation of just $800m.The company reportedly raised $500m last year based on a valuation of $10bn.
Such a hefty valuation would put Snapchat on par with messaging apps such as WhatsApp, the chat company that sold to Facebook for $19bn last year.
Snapchat had previously been linked to Facebook as well, reportedly turning down a $3bn offer from Zuck.
While $19bn may indeed seem like an eye-watering asking price for a photo-sharing app, it wouldn't come close to cracking the mark set by Uber last year. The ride-sharing service was able to convince investors that it was worth $41bn in its latest round of fundraising.
The $19bn would amount to about nine months worth of Microsoft profits, or about three months' profit for Apple. ®
Biting the hand that feeds IT
