Snapchat Raises $175 Million Funding from Fidelity at Flat Valuation
Snapchat Inc. which makes a free app called Snapchat for sharing quick disappearing images and videos has recently raised a funding of $175 M from Fidelity at a $16 billion valuation, according to the Wall Street Journal.
The catch is that Snapchat’s last round of funding in May 2015 reportedly valued the company at $16 billion, a 60% bump from its previous round in December 2014.
Fidelity bought shares at $30.72 in February after paying that price last March. In the fourth quarter, a separate valuation committee at the mutual fund brought down the shares to $25.75. (more…)
