Snapchat Reportedly Raising $650M at $16B Valuation

May 29, 2015

1:40 pm

CNBC has reported that Snapchat is in the works of raising $650 million in equity, valuing the company at $16 billion.

Snapchat – which has become infamous for turning a $3 billion cash acquisition offer from Facebook – announced earlier this week at Re/code’s Code Conference that it plans to eventually go public. According to Business Insider, Snapchat CEO Evan Spiegel talked briefly about the company’s need to IPO and how they have a plan in place to get that done.

Back in March of this year, the company raised a Series E round worth $200 million, and brought in new investor Alibaba. Snapchat has raised $848 million overall since its founding in 2011.

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Ronald Barba was the previous managing editor of Tech.Co. His primary story interests include industry trends, consumer-facing apps/products, the startup lifestyle, business ethics, diversity in tech, and what-is-this-bullsh*t things.

Aside from writing about startups and entrepreneurship, Ronald is interested in ‘Doctor Who’, Murakami, ‘The Mindy Project’, and fried chicken. He is currently based in New York because he mistakenly studied philosophy in college and is now a “writer”. Tweet @RonaldPBarba.

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