Report: Snapchat raises US$175 million in funding

Snapchat DiscoverSocial messaging app Snapchat has reportedly raised US$175 million (€160 million) in funding at the same US$16 billion valuation the company had a year ago.

According to a Wall Street Journal report, Fidelity Investments provided the funding, paying the same US$30.72 per-share price that it did last March.

Separately Reuters reported that the US$175 million came from Fidelity and other investors and was an extension of Snapchat’s Series F funding round, which it began raising last year.

Earlier this week Snapchat CEO Evan Spiegel reportedly told delegates at the Morgan Stanley Technology, Media & Telecom Conference in San Francisco that Snapchat users now watch eight billion videos on the service each day.

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