Snapchat founders are a picture of instant wealth.
Evan Spiegel and Bobby Murphy, who started the self-deleting, photo-sharing app two years ago, are both $10 million richer after selling shares during their company’s latest fundraising round, according to reports.
Venture capitalists eagerly threw $60 million at the no-revenue company and another $20 million so the founders could cash in.
News of the newfound fortune of the twentysomething entrepreneurs was first reported by TechCrunch.
Institutional Venture Partners led the financing round and, in a blog post, defended the largesse showered upon the still unproven young company — which is now valued at more than $800 million.
However, yesterday the fleeting photography concept was in jeopardy thanks to Apple and its iPhone’s iOS 7 software. It was reported that one of the key privacy features — notifying Snapchat users when a recipient saves the images with a screenshot — won’t be supported anymore on iPhones.