Snapchat gathers $538M, raises valuation to $16B

Patrick Hechinger

File 37802

Los Angeles’ hottest company is at it again.

Snapchat announced another $538 million in funding on Friday, bringing its total funding to just under $1 billion in three years.

The funding reportedly began in February and amassed 35 investors over the past three months including Alibaba, Fidelity, York Capital, and Glade Brook Capital.

The announcement comes on the heels of a public statement by Snapchat CEO Evan Spiegel, in which he alluded to an inevitable IPO. The 24-year-old failed to give a timetable but described going public as the next logical step for the company.

Friday’s announcement has also boosted Snapchat’s widely-speculated valuation to around $16 billion. While many experts disagree with the gigantic price tag, Snapchat’s growing user base and new media features aimed at covering 2016’s Presidential Election lead others to believe the Venice-based company still has plenty of momentum.

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