Snapchat raised $175 million from Fidelity Investments, bringing the youth-skewing vanishing-message service to more than $1.3 billion raised to date.
With the funding, first reported by the Wall Street Journal, Snapchat maintains its previous $16 billion valuation, per the report. While still an eye-popping figure, the flat valuation reflects a more cautious approach by tech investors.
The Venice, Calif.-based company boasts more than 100 million active users predominantly in the millennial demo and claims to deliver more than 8 billion video views daily, more than doubling in the last six months.
Other investors in Snapchat include Alibaba Group, Benchmark, General Catalyst Partners, Glade Brook Capital Partners, HDS Capital, Institutional Venture Partners, Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, York Capital Management and Yahoo.
The core of Snapchat’s service revolves around user-to-user “snap” photo and video messages, which disappear 10 seconds after recipients view them. But the company also has extended the service to be a media-delivery platform, and has inked partnerships with the likes of Viacom, ESPN, CNN, Time Inc., BuzzFeed and Vice to promote and distribute content. Snapchat also recently pacted with Nielsen to measure video-ad units viewed on the service.
On Friday, Snapchat announced that it is reteaming with Major League Baseball, after their initial partnership last year. The expanded multiyear partnership will kick off this season on March 11 with “Snapchat Day” in MLB’s spring training ballparks with access to players’ own snaps in special “MLB Live Story” section. For the first time, MLB players will be permitted to use smartphones, including using an official “SnapBat” (like a bat selfie-stick), in dugouts and bullpens during live games.
Also under the pact, Snapchat will cover MLB games and events, including opening day on April 3, the All-Star Game and the postseason, with access to official MLB logos, marks and exclusive behind-the-scenes content featuring star players.