“All human beings have three lives: public, private, and secret.“―Gabriel García Márquez
From the very moment co-founders Evan Spiegel and Robert Murphy first conceived of a self-destructing photo-sharing app for a college class project, SnapChat promised perhaps the most illusory of online benefits — privacy. Enticed by the app’s cloak of secrecy, users flocked to Snapchat by the hundreds of millions, and investors followed.
In February 2013, Snapchat confirmed a $13.5 million Series A funding round led by Benchmark Capital, which valued the company at nearly $70 million. After completing its Series B funding a few months later, Snapchat was valued at $860 million. In November, the company made headlines for turning down a reported $3 billion acquisition offer from Facebook. The next month, Snapchat raised another $50 Million in Series C funding from Coatue Management. TechCrunch called Snapchat “the Breakout Consumer Product of 2013.”
Although Snapchat is still absorbing its several investments and transitioning from corporate infancy to adolescence, it is already facing the inevitable security and privacy issues confronting every company with a sufficiently large customer database. . . .
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