FROM THE WEB: Snapchat Owner Bets On Hardware With Looming IPO


This week, Snapchat owner Snap Inc arrived in London to try and excite investors about its forthcoming IPO.

The Silicon Valley company indicated in a 17th February SEC filing that it plans to raise $2.3bn by selling 153m shares to the public.

The move comes as Snapchat looks to push further into the hardware space, selling more gadgets like its recently-released Spectacles, along with ad-friendly software features – a strategy set out in a recent Reuters report.

The company has apparently hired “hundreds of hardware engineers”, as well as building a secretive product lab as it moves into the world of hardware, building wearable tech gadgets.

As Reuters says: “These efforts, which are aimed at developing hardware and so-called augmented reality technologies, are central to the strategy of a company that is seeking a valuation of up to $22 billion in its early March IPO despite heavy losses and the specter of stiff competition for advertising dollars with a far-larger Facebook. It is a big gamble and the odds against Snap are long.”

Find out more here.