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Alibaba Has Invested $200 Million in Snapchat

Chinese e-commerce giant Alibaba has invested $200 million in Snapchat, according to sources familiar with the deal. The valuation of the round is still unknown, although Bloomberg reported Wednesday that Alibaba invested at a $15 billion valuation. It appears the funding round that included Alibaba’s investment already closed, but Snapchat is currently raising more money at a higher valuation, according to these sources. The company reported a $485 million round from 23 different investors to the SEC back on New Year’s Eve. A Snapchat spokesperson declined to comment.

This article originally appeared on Recode.net.