Business

THE NEWS WRAP: Snapchat raises more than $700 million

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Snapchat has raised an additional $US537 million in funding from investors, according to The Wall Street Journal.

 

The round was led by Chinese e-commerce company Alibaba Group Holding and two hedge funds.

 

The latest capital injection values Snapchat at $US16 billion, up from $US10 billion in December.

Apple buys German augmented reality software startup

Apple has purchased a German augmented reality software startup to explore the possibility of integrating the company’s technology with its products.

 

The terms of the deal were not disclosed. However, Apple gave Reuters its usual one-sentence statement saying it buys smaller technology companies “from time to time” and does not comment.

 

Metaio specialises in augmented-reality software for the retail and automotive markets and has received investment from serial entrepreneur Carl Westcott and Silicon Valley equity fund Atlantic Bridge.

Woolworths leaks customer data in $1 million gift card breach

Woolworths has mistakenly emailed customer data along with the redeemable codes for more than 8000 gift cards, forcing the grocery giant to cancel more than $1 million in vouchers.

 

The company told Fairfax it takes data security and customer concerns “seriously”.

 

“We experienced a technical fault with an e-voucher offered to customers this week,” the statement read.

 

“We are working to resolve the issue and are assisting customers.”

Overnight

The Dow Jones Industrial Average is down 115.44 points, falling 0.64% yesterday to 18,010.68. The Aussie dollar is currently trading at around 76.5 US cents.

 

Do you know more on this story or have a tip of your own? Raising capital or launching a startup? Let us know. Follow StartupSmart on Facebook, Twitter, and LinkedIn.

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