Date
19 November 2017
With the latest funding deal, Snapchat has become one of the world's most valuable start-ups. Photo: Bloomberg
With the latest funding deal, Snapchat has become one of the world's most valuable start-ups. Photo: Bloomberg

Alibaba said to invest US$200 mln in Snapchat

Alibaba Group has invested US$200 million in Snapchat, in a deal that values the Los Angeles-based company at US$15 billion, the Wall Street Journal reported, citing people familiar with the matter. 

The deal puts Alibaba in the same camp as its chief Chinese internet rival, Tencent Holdings, which previously invested in Snapchat, the report noted.

Snapchat, who operates a photo-messaging app, is believed to have more than 100 million users.

With the latest funding deal, it has become one of the world’s most-valuable start-ups, according to the Journal.

For Alibaba, the investment marks its latest foray into both Silicon Valley start-ups and social media.

The company had previously invested in video call app firm TangoMe, mobile search provider Quixey and ride-hailing service Lyft.

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RC

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