Snapchat close to snagging nearly $100 million in new investment at staggeringly high valuation

Snapchat close to snagging nearly $100 million in new investment at staggeringly

In a disclosure which somewhat substantiates GigaOm’s earlier-this-week report that Snapchat was close to snagging nearly $100 million in new funding, unidentified sources aware of the company’s fund-raising efforts have revealed that Snapchat is raising $100 at a staggeringly high valuation of $1 billion.

While Om Malik of GigaOm had reported Snapchat’s $100 million new investment at a valuation “in excess of a half a billion dollars”, one of the unnamed sources familiar with Snapchat’s efforts has pegged at $700 million post-money.

Despite the fact that the jaw-dropping valuation of $1 billion may sound a bit too high for Los Angeles-based Snapchat startup - the mobile service which enables users to send and receive photos or videos which automatically get deleted soon after –, the figure is likely fueled by the company’s increasing popularity and intense engagement, particularly among the youth.

According to some other reports, including one from TechCrunch, Snapchat’s new funding round – which going by Malik’s report, will be dominated by “unnamed non-tradition investors” - seems to be especially tied to an advance in the direction of new hiring and monetization.

As per reports, Snapchat has apparently embarked on an aggressive recruitment drive, under which it is hiring sales people from Stanford and the University Of Southern California for its imminent launch of a monetization scheme.

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