Alibaba to invest in Snapchat at US$15b valuation

12 Mar7:11 AM

[NEW YORK] Chinese e-commerce company Alibaba Group Holding Ltd is planning to invest US$200 million in Snapchat, valuing the photo-messaging service at about US$15 billion, Bloomberg reported on Wednesday, citing people it said were familiar with the situation.

A month ago, Bloomberg reported that Snapchat is looking to raise as much as US$500 million in a new funding round that would value the Los Angeles-based company at up to US$19 billion.

The Alibaba investment would not be part of that round of funding, Bloomberg reported on Wednesday.

Neither Alibaba nor Snapchat representatives were immediately available for comment.

REUTERS

http://www.businesstimes.com.sg/technology/alibaba-to-invest-in-snapchat-at-us15b-valuation

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