Snapchat received the royal treatment over the weekend.
Top execs from Snapchat, including CEO Evan Spiegel and Chief Strategy Officer Imran Khan, met with Saudi Arabia's Prince Alwaleed bin Talal amid funding rumors for the fast-growing startup, according to an official release from Prince Alwaleed's investment company on Sunday.
Through his company, Kingdom Holding Company, Prince Alwaleed has made multiple investments in the technology sector, including purchasing a $300 million stake in Twitter in 2011. According to the release, he talked with Spiegel about business and economic issues as well as "potential business cooperation."
"The two also discussed Prince Alwaleed’s investments in the U.S. in light of being the largest individual foreign investor there," the release read. "Also, on the agenda of discussions was future potential business cooperation between [Kingdom Holdings] and Snapchat in the technology field. Moreover, Prince Alwaleed hosted a luncheon in honor of his guest at Kingdom Resort."
The meeting comes just a few weeks after reports came out saying Snapchat was considering raising as much as $500 million in a funding round, with a valuation of as high as $19 billion.
A rep for Snapchat declined to comment on the meeting.