Snapchat, the popular yet controversial photo messaging application, is now the third most venture-backed company in the world, trailing behind Xiaomi and Uber. According to Bloomberg Business, Snapchat's latest major investor is the Chinese e-commerce honcho, Alibaba, putting in $200 million in the social networking company.
The investment puts Snapchat at a $15 million valuation, sources familiar with matter said. CB Insights, an information services firm, ranks Snapchat behind the Chinese consumer electronics company, Xiaomi ($45 billion), and private car services provider, Uber ($40 billion.
Alibaba previously wanted to invest in Snapchat prior to its IPO, but, for some reason, that didn't happen. Sources are now saying that Alibaba's $200 million investment will be outside Snapchat's recent $500 million in funding. Both Snapchat and Alibaba didn't comment on the report.
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Snapchat was founded by Evan Spiegel Bobby Murphy, and Reggie Brown in 2011 when they were attending Standford University. Spiegel reportedly turned down a $3 billion offer from Facebook and another $4 billion offer from Google. Snapchat partnered with Square to launch Snapcash, a money-sharing service. The company also introduced a new feature called Discover in February.