Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Dublin: 10°C Wednesday 10 August 2022

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

All those snaps are adding up.

Image: Edward Smith

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.

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.

Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

For the price of one cup of coffee each week you can make sure we can keep reliable, meaningful news open to everyone regardless of their ability to pay.

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 >

About the author:

Rónán Duffy

Read next: