Snapchat's Spiegel meets with Saudi Prince Alwaleed, seeking funding for the messaging app

Snapchat's Spiegel meets with Saudi Prince Alwaleed, seeking funding for the messaging app
Snapchat, reportedly valued at $19 billion based on the latest round of funding that it is looking to close, could end up funded by the investment concern owned by Saudi billionaire Prince Alwaleed bin Talal. The Prince met during the weekend with Snapchat CEO Even Spiegel and the pair allegedly discussed some type of hook-up between the two companies.

Prince Alwaleed actually has a pretty good financial track record in tech and has invested early in some big winners like Twitter, Apple and AOL. Having sold his stake in News Corp., the Prince is flush with cash and is looking for a place to invest it. Snapchat might be a good choice. Just 21 months ago, the company was valued at $800 million. Besides the rising valuation, the company is known for its video and photo messages that self-destruct 10 seconds after being viewed by the recipient. The messaging app now has over 100 million subscribers.

But Spiegel wants Snapchat to be known for more than just self-destructing messages. It recently debuted the first music video off of Madonna's new album. It also offers Snapchat Stories that allows members to share photos or videos with their friends for up to 24 hours before they are automatically deleted.

The Prince is worth $22.9 billion according to recent rankings, and an investment in Snapchat now could add to his wealth once the company goes public. While Alwaleed's Kingdom Holding Company investment firm put out a press release to confirm the meeting, Kingdom and Snapchat both declined to comment on the get together.


source: CNN via GigaOm

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10 Comments

1. WillieFDiaz

Posts: 127; Member since: Dec 22, 2010

Great, just what we need, self destructing messages sponsored by a middle eastern investor. No thanks, see ya later Snapchat.

5. drassem80

Posts: 11; Member since: Jan 21, 2015

Well, narrow minded racist, not all people in the middle east nor all Muslims are terrorists.

6. vicare2017

Posts: 17; Member since: Jan 14, 2015

No, but Saudi-Arabia is no better then Islamic State, only difference is they sell oil to the US and the West so we see them as friends. But they hang, behead and kill just as many as IS and they do it for the same stupid reasons. 1) You have a Bible, behead 2) You are mentally ill, well mental illness is witchcraft, behead 3) You are gay - well you get to chose, stoning, beheading, whipping or being thrown from a high place to your death. Getting money from a Saudi is like getting money from Islamic State and that is a fact. That has been verified by multiple sources and you could always just Google it. It is also true that not all moslems are terrorists. Some terrorists are Christians, Jews, Atheists or something else.

2. Super3310

Posts: 91; Member since: May 06, 2014

and they said. ALAHU SNACKBAR!!! lol just kiddin

3. Super3310

Posts: 91; Member since: May 06, 2014

and they said. ALAHU SNACKBAR!!! lol just kiddin

4. corporateJP

Posts: 2458; Member since: Nov 28, 2009

Might as well start bottling thin air and selling it to the next mindless idiot...

7. hortizano

Posts: 294; Member since: May 22, 2013

Considering everybody non middle eastern is either a racist or a bigot (mostly because of ignorance) Snapchat will certainly suffer a backlash if such investement comes to be a reality..

8. vicare2017

Posts: 17; Member since: Jan 14, 2015

Not sure about that... Europe has become quite anti-Israel in recent years, but still buy Apple even though Apple products are filled with technology created, built or invented in Israel. And Israel is Middle Eastern too. Also the Viber app is popular despite being created in Israel. The (Ivy Bridge) i5 and i7 Processor from Intel was built on their plant in Israel. So no - Snapchat will not suffer from having someone from the Middle East support them with money.

9. hortizano

Posts: 294; Member since: May 22, 2013

You have a point. I should have been a little more informed before casting an opinion. My bad. =)

10. vicare2017

Posts: 17; Member since: Jan 14, 2015

It is okay - we all make mistakes. Some (ME) do them all to often :-P So I can live with it - but you might be on to something though. Snapchat is not Intel... you can live without Snapchat, but it is harder to buy a computer that does not have Intel in it.

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