Snapchat is the next in a line of start-ups to reach a $10 billion valuation, making founders Evan Spiegel and Bobby Murphy a fortune. The two developed the app, which has instantly vanishing messages, in their Stanford University dorm room and turned down a $3 billion buyout offer from Facebook.
Kliener Perkins Caufield and Byer, a Venture Capital firm, invested $20 million in the app. Now Snapchat joins AirBnb and Uber, startups that now have a valuation of $10 billion or more. The app is useful for those who want to chat discreetly without worrying about having a record of their messages, since the photo chats vanish–making the app a popular way to pursue the internet pastime of “sexting.”
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The app has yet to be monetized and there isn’t advertising, but that may soon change.
