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Snapchat valued at $10 billion after Kleiner Perkins investment | Snapchat valued at $10 billion after Kleiner Perkins investment |
(35 minutes later) | |
Snapchat, the popular mobile app which allows users to share photographs that are automatically deleted within seconds, has been valued at a staggering $10 billion. | Snapchat, the popular mobile app which allows users to share photographs that are automatically deleted within seconds, has been valued at a staggering $10 billion. |
In the latest investment round, renowned venture capital firm Kleiner Perkins Caufield & Byers agreed to pump $20 million in Snapchat, effectively valuing the company at $10 billion, according to The Wall Street Journal citing sources familiar with the matter. | In the latest investment round, renowned venture capital firm Kleiner Perkins Caufield & Byers agreed to pump $20 million in Snapchat, effectively valuing the company at $10 billion, according to The Wall Street Journal citing sources familiar with the matter. |
The valuation means Snapchat is now among the most valuable private tech start-ups and its co-founders, Evan Spiegel and Bobby Murphy, are set to join Silicon Valley's elite group of young billionaires even-though Snapchat lacks a clear business model. | The valuation means Snapchat is now among the most valuable private tech start-ups and its co-founders, Evan Spiegel and Bobby Murphy, are set to join Silicon Valley's elite group of young billionaires even-though Snapchat lacks a clear business model. |
A Snapchat spokeswoman added: "The valuation of our business and our capital requirements are the least exciting aspects of supporting the Snapchat community. We have no further comment at this time." | A Snapchat spokeswoman added: "The valuation of our business and our capital requirements are the least exciting aspects of supporting the Snapchat community. We have no further comment at this time." |
The mobile app is very popular among teenagers, a key demographic for advertisers, and allows users to send pictures to friends that can only be viewed for a set period of time before they are automatically deleted. | The mobile app is very popular among teenagers, a key demographic for advertisers, and allows users to send pictures to friends that can only be viewed for a set period of time before they are automatically deleted. |
Spiegel first made headlines after he rejected a $3 billion cash offer from Facebook to buy Snapchat in 2013. At the time, the California-based start-up was valued at $2 billion. | |
Snapchat now has 100 million monthly users and is the third most popular mobile app among millennials, only after Facebook and Instagram, according to ComScore. | |
Earlier this year, Spiegel was forced to apologise for a series of e-mails in which he made a series of sexist remarks and references to drug use while he was a student at Stanford University. He dropped out of university to work on Snapchat in 2012. | Earlier this year, Spiegel was forced to apologise for a series of e-mails in which he made a series of sexist remarks and references to drug use while he was a student at Stanford University. He dropped out of university to work on Snapchat in 2012. |
In a statement, Spiegel said he was "mortified" and "embarrassed" that his "idiotic" conversations were made public, adding the e-mails “in no way” reflect his views about women. | In a statement, Spiegel said he was "mortified" and "embarrassed" that his "idiotic" conversations were made public, adding the e-mails “in no way” reflect his views about women. |
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