Saudi Arabian Prince Alwaleed Bin Talal recently met with Snapchat co-founder Evan Spiegel to discuss "future potential business cooperation," The Telegraph reports.
Alwaleed, who currently has investments in other Silicon Valley-based companies such as Apple and Twitter, is said to also be interested in investing in the social networking application. He is the Chairman of the Kingdom Holding Company (KHC).
"During the meeting, Mr. Spiegel thanked the Prince for giving him the opportunity to meet with him. During their meeting HRH and Mr. Spiegel discussed political, business and economic issues," a KHC statement detailing the event reads.
"The two also discussed Prince Alwaleed's investments in the US in light of being the largest individual foreign investor there. Also, on the agenda of discussions was future potential business cooperation between KHC and Snap Chat in the technology field. Moreover, Prince Alwaleed hosted a luncheon in honor of his guest at Kingdom Resort."
It was recently announced that Snapchat officials are searching for a new round of funding that would make the company as valuable as $19 billion, according to Bloomberg.
The new round of funding would make it the third-most valuable company backed by venture capital firms, behind Uber Technologies and China-based Xiaomi Corp. The goal of the fundraiser is approximately $500 million.
Snapchat was founded in 2011.
