We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Edward Smith

Snapchat turned down a $3bn offer from Facebook. Good call: it's now worth $19bn

All those snaps are adding up.

FOUR YEARS AFTER it was founded in a Stanford frathouse, Snapchat is now being valued at $19 billion.

Bloomberg reports that that the photo sharing service is looking to raise up to $500 million in funding that would value the company at $16 billion to $19 billion.

The valuation comes about a year and a half after Snapchat rejected a $3 billion buyout offer from Facebook.

After being turned down by Snapchat, Facebook turned its attention to WhatsApp which it ended up buying outright for $22 billion.

Bloomberg says that, with the $19 billion valuation, Snapchat is now rated as the third most valuable startup in the world behind car-booking app Uber and Chinese smartphone maker Xiaomi.

Snapchat allows users to send photos and videos to their contacts that appear only for a number of seconds.

Use of the app has grown very quickly over the past number of years and is particularly popular among young mobile users. Recent data, however, has shown that Snapchat is also being used increasingly by Irish adults.

Read: Teenager (16) charged with murder after ‘sending Snapchat selfie with body’ >

Read: Third-party site admits it was the source of 100,000 leaked Snapchat photos >

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.