Snapchat Reportedly Raises $175 Million From Fidelity
Popular messaging app Snapchat has hauled in $175 million from mutual fund giant Fidelity Investments, but keeps the same $16 billion valuation as last year, the Wall Street Journal reported on…
Popular messaging app Snapchat has hauled in $175 million from mutual fund giant Fidelity Investments, but keeps the same $16 billion valuation as last year, the Wall Street Journal reported on Thursday.
According to the report, Fidelity purchased the shares of Snapchat at $30.72 in February. That’s the same price the firm paid a year ago, a source told the paper.
It’s unclear if this is a full round of funding or just a cash injection for the fast-rising app, which claims to have 8 billion daily video views — matching Facebook’s tally — and recently struck a multi-year advertising deal with media conglomerate Viacom.
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Snapchat has raised more than $1 billion from investors, including a $500 million round in May 2015.
Snapchat and Fidelity did not immediately respond to Billboard’s requests for comment.
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