New York (HedgeCo.Net) – California-based hedge fund Coatue Management has invested $50 million in Snapchat, the photo messaging application developed by Stanford University students Evan Spiegel and Robert Murphy.
The hedge fund is run by brothers Phillipe and Thomas Laffont, who recently released incorporation documents suggesting Snapchat may be worth up to $2 billion. The hedge fund already manages approximately $8.5 billion in assets.
“They have already reached an incredible scale,” Thomas Laffont said in an interview with Forbes, “And what you do on Snapchat is not something you can do on any other communication platform. We think they’re revolutionizing how people communicate in a mobile-centric world.”
The Snapchat founders say the app is intended to counteract the trend of users being compelled to manage an idealized online identity of themselves, which he says has “taken all of the fun out of communicating.” Users can take photos, record videos, add text and drawings, also setting a time limit for how long recipients can view their Snaps, after which they will be hidden from the recipient’s device and deleted from Snapchat’s servers.
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