Report: Alibaba investing $200 million in Snapchat

Hangzhou, China – Alibaba Holding Group Inc. has reportedly invested $200 million in social messaging platform Snapchat. According to Bloomberg, the investment values the Los Angeles-based company, which allows users to send text and photos that disappear in 10 seconds, at $15 billion.



In 2014, Snapchat received investments from Yahoo and venture capital firm Kleiner Perkins Caufield & Byers in a funding round that put a valuation of $10 billion on the company. Alibaba was previously reported to have held investment talks with Snapchat in summer 2014.



According to Snapchat, which recently added advertising to its platform, its users send 700 million snaps daily.