Snapchat Inc has raised $175 million in fresh funding from Fidelity Investments, giving the company the same $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 $30.72 per share in February, the same price as when it bought Snapchat shares last March, the newspaper reported. (on.wsj.com/1WYbSOC)
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 U.S. business hours.
(Reporting by Parikshit Mishra in Bengaluru; Editing by Andrew Hay)