Saudi’s Prince Alwaleed meets with Snapchat execs
Sit-down happens as mobile-messaging firm enters new funding round
Saudi Prince Alwaleed bin Talal's investment firm Kingdom Holding held talks with US-based mobile messaging company Snapchat on "future potential business co-operation", Reuters reported.
Prince Alwaleed met with Snapchat's CEO Evan Spiegel and chief strategy officer Imran Khan, who are seeking a new round of funding that values the business at up to $19bn.
"On the agenda of discussions was future potential business cooperation between Kingdom Holding and Snapchat in the technology field," Kingdom Holding said in a statement, without elaborating.
The Saudi prince also took a sizeable stake in microblogging business Twitter prior to its IPO.
Snapchat, headquartered in LA, California, has a user base of more than 100m and is known for its mobile app that allows the sending of messages that are deleted after a few seconds. It hopes to raise up to $500m in its latest funding round.