Snapchat raises US$175m from Fidelity in latest round of funding: WSJ

[NEW YORK] Snapchat Inc has raised US$175 million in fresh funding from Fidelity Investments, giving the company the same US$16 billion valuation it had a year ago, the Wall Street Journal reported, citing people familiar with the matter.

Fidelity bought shares of the company at US$30.72 per share in February, the same price as when it bought Snapchat shares last March, the newspaper reported.

The video messaging app provider had formed a partnership with Viacom last month, which gave Viacom exclusive rights to sell advertising around Snapchat's content.

Snapchat and Fidelity Investments were not immediately available for comment outside regular US business hours.

REUTERS

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes