Friday, November 4, 2016
Google Unveils Backing For Snap Inc., As Snapchat's Founders Prep For IPO
Google Capital, the late stage investment firm owned by Google parent Alphabet, Inc., has confirmed it is a backer of Snap, Inc., the parent company of Snapchat. The confirmation of the investment came via a listing on the portfolio page of Google Capital, which was renamed CapitalG this week. In a related move, The Information says that Snap Inc.--in preparation for its IPO--has created a new class of shares to ensure that Evan Spiegel and Bobby Murphy will retain voting control of the company, even after its public offering. It's unclear when the investment by Google Capital/CapitalG occurred. Snapchat is reportedly hoping to have an IPO as early as March.