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Snapchat said to be valued at $18 billion in funding round

May 27, 2016 12:00 am • Last Updated: May 27, 2016 2:56 pm

By Bloomberg

Snapchat Inc., an app for sending disappearing messages, was valued at $18 billion after its latest round of funding, said a person familiar with the matter. The financing pads the startup's war chest as it attempts to evolve from a teen phenomenon into a mainstream media platform.

The funding round totaled $1.8 billion, according to a regulatory filing on Thursday with the Securities and Exchange Commission. The amount includes about $650 million raised last year and an additional $1.2 billion this year, said the person, who asked not to be named because the details are private.

Investments in Snapchat's latest round came from Fidelity Investments, General Atlantic, Sequoia Capital and other backers, the person said. Mary Ritti, a spokeswoman for Snapchat, declined to comment. TechCrunch earlier reported details of the fundraising.

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