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Snapchat brings in $538 million from investors
Snapchat brings in $538 million from investors

Snapchat Inc. has raised an additional $538 million as it prepares for an initial public offering. The latest private investment puts the reputed market value of Los Angeles' most famous technology start-up at more than $15 billion and brings its total capital raised to $1 billion over three years. Snapchat's co-founder and chief executive, Evan Spiegel, who turns 25 on Thursday, said this week that the company plans an IPO, though he declined to offer a timeline. The new cash will help expand Snapchat's workforce. In February, more than 200 employees worked at Snapchat; today, more than 330 do. It's hiring people in Venice, its headquarters, as well as in New York...

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