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Alibaba to invest $200 Million in Snapchat

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Messaging app Snapchat is poised to receive a $200 million investment from Chinese e-commerce giant Alibaba, according to a report by Bloomberg.

Alibaba has not confirmed the investment.

The cash injection would come only a month after Snapchat said that it was seeking a valuation of $19 billion. At the end of last year it was valued at $10 billion.

Snapchat, which is understood to have monthly average users of close to 200 million, is increasing its news and entertainment functionality. AT&T recently announced that it would partner with the firm to launch a scripted superhero series.

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Thank you Variety.com

By: Patrick Frater

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Cheers

iamwill

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