Snapchat, a Los Angeles, California-based provider of a video messaging app, reportedly raised $175m in new funding.
Fidelity Investments made the investment which would have valued the company at approx. $16 billion.
Created by Evan Spiegel and Bobby Murphy, Snapchat provides a video messaging app that allows people to talk with friends, view Live Stories from around the world, and explore news. The app, available for Android and iOS, trgets to reach 13 to 34 year-old smartphone users. According to internal data, the app records 7+ billion video views every day from over 100 million daily active “Snapchatters”.
The company recently formed a partnership with Viacom (Nasdaq: VIAB), which gave the global mass media company the exclusive rights to sell advertising around Snapchat’s content.
It has approx. 650 employees and is continuing to hire massively.