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SNAPCHAT IS NOW close to being valued at roughly $10 billion after another group of investors have agreed to invest in the company.
The app, which has been talking to several potential investors in recent months, has seen venture-capital fund Kleiner Perkins deciding to invest $20 million in preferred stock, giving it a valuation of $10 billion, according to the New York Times.
At least one more investor is expected to take part in this round of funding, which is reported to not have closed yet.
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More than 100 million people now use Snapchat every month, with roughly two-thirds of those logging on to the app daily. Roughly half of the app’s users are aged between 13 to 17 and more than 500 million ‘snaps’ are sent among its users every day.
Despite the significant valuation, the app hasn’t generated any revenue yet. To remedy this, the company has been talking to ad companies and media outlets about a new service called Snapchat Discovery.
Expected to launch in November, the service will feature content and ads from both advertisers and media companies.
The company was rumoured to be reaching a $10 billion valuation last month when it was in talks with Chinese internet giant, Alibaba Holding, but it decided against investing in the app.
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A heavily subsidised industry that was losing a lot of money. It would be closed by now even if Thatcher hadn’t done it.
Never liked her but it doesn’t mean everything she did was wrong. The unions were at least partially to blame for the problems.
Long term the mines made no sense but you can’t remove the one think that lets a town exist and not replace it. The closing down should have happened gradually with training for new jobs and attracting new business to the area occurring at the same time
Yes because Co Durham includes town like well Durham which have the university etc. which reduces the unemployment rate, but go outside of that area and it gets pretty grim
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