Alibaba to Invest in Snapchat at $15B Valuation: Bloomberg

Reuters

Chinese e-commerce company Alibaba Group Holding Ltd (NYSE:BABA) is planning to invest $200 million in Snapchat, valuing the photo-messaging service at about $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 $500 million in a new funding round that would value the Los Angeles-based company at up to $19 billion.

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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.

(Reporting by Bill Rigby; Editing by Diane Craft)

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