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Yuri Milner is Snapchat investor

0 29 August 2014

It has been revealed that Russian millionaire Yuri Milner’s fund DST Global is an investor in Snapchat. The amount it has invested in the company has not been disclosed, but at the time it made its investment this year, DST Global valued the company at $7 billion. 

The company was valued at $10 billion in May by Keiner Perkins Caufield & Byers, who promised to invest $20 million in the company for a stake of less than 1%. Facebook previously had a $3 billion offer to buy the company rejected.

Snapchat was founded in 2011 by students at Stamford University. It is a mobile app for sending text and picture messages which disappear after several seconds. The company claims that the app is used to send around 700 million messages per day.

About DST Global

DST Global is an investment fund which split from company DST before it changed its name to Mail.ru Group. The fund was founded by Alisher Usmanov and Yuri Milner, and invests outside of Russia. 

Source: Firrma.ru

Tom image via Shutterstock

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