View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
July 31, 2014

Snapchat looks to raise funds from Alibaba

Snapchat previously raised $130m.

By CBR Staff Writer

Vanishing messaging app Snapchat is in talks with investors, including Alibaba, to raise a round of funding which could increase the value of the company to a staggering $10bn.

Snapchat previously raised $130m from investors, but with the additional funding, the photo message provider could hire more staff and speed up its product development.

Alibaba has been looking out for investment opportunities in the US and it led a $206m investment for Amazon rival ShopRunner and also for Lift.

The e-commerce giant is trying to promote its own messaging app Laiwang which is facing tough competition from WeChat, and by investing in Snapchat it could get into the league of apps in the US.

Snapchat has more than 500 million users and sparked the interest of Facebook, which then tried to acquire it for $3bn. However, Snapchat CEO Evan Spiegel declined the offer.

If the funding materialises, Snapchat will join the league of startups that are valued at more than $10bn, which includes Airbnb and Dropbox.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.