(MENAFN) Snapchat has informed US regulators that it collected as much as USD537 million in a new round of equity funding that could climb to a high of USD650 million, AFP reported.
The vanishing-message service did not reveal who bought stakes in the Los Angeles-based firm, which came at a price estimated to give Snapchat a value of more than USD15 billion.
US media reported that Snapchat investors in this latest round of fund raising included Chinese Alibaba. Reports surfaced that Alibaba committed to a USD200 million investment in Snapchat.
"We need to IPO, we have a plan to do that,'' chief executive officer said on-stage at a Code Conference in California when asked about the potential for an initial public offering of stock.
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