Snapchat has raised $175 million in fresh funding from Fidelity Investments and other investors, according to a source familiar with the matter.
The investment is an extension of Snapchat's Series F financing round, which the company began raising last year, the person told Reuters.
Snapchat, which makes a free app for sending messages and videos that disappear in seconds, raised the financing at the same $16 billion valuation it had a year ago, The Wall Street Journal reported, citing people familiar with the matter.