Snapchat Management Holds Talks With Saudi's Prince Alwaleed The mobile messaging app is looking abroad for additional funding.
By Reuters
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This story originally appeared on Reuters
Senior management of Snapchat held talks with Saudi Arabia's Prince Alwaleed bin Talal on potential cooperation, the prince's investment company said in a statement on Sunday.
The meeting, which included the mobile messaging company's Chief Executive Evan Spiegel and Chief Strategy Officer Imran Khan, comes as Snapchat embarks on a new funding round that values the business at up to $19 billion.
"On the agenda of discussions was future potential business cooperation between Kingdom Holding and Snapchat in the technology field," Kingdom Holding, which is 95 percent owned by Prince Alwaleed, said in a statement without elaborating.
The billionaire prince has made a number of investments in technology brands in the past, including social messaging service Twitter and Chinese e-commerce company JD.com Inc.
Los Angeles-based Snapchat, which allows its more than 100 million users to send messages that disappear after a few seconds, is looking to raise as much as $500 million in its latest funding round.
(Reporting by David French; Editing by David Goodman)
