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Snapchat raises $1.81 bn in new funding round

business Updated: May 27, 2016 07:48 IST

NEW YORK: Messaging app Snapchat Inc has raised $1.81 billion in an equity offering, indicating strong investor interest in the company despite concerns that it is struggling to attract advertisers. Snapchat did not disclose its valuation in the latest round of funding in its filing on Thursday. However, technology website TechCrunch said the company could be valued at about $20 billion, citing sources. Snapchat makes a free mobile app that allows users to send videos, photos and messages.

First Published: May 27, 2016 07:48 IST