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Snapchat Closes Another Massive Funding Round -- $537 Million

Snapchat closed another massive funding round on Friday, raising $537 million, according to a regulatory filing. Snapchat recently closed another round a few months back on New Year’s Eve, claiming more than $485 million. The company has now raised well over a billion dollars from investors. Re/code reported in March that Snapchat took $200 million from Chinese e-commerce giant Alibaba at a reported $15 billion valuation.

CNBC first reported the round and claims the new valuation is $16 billion.

This article originally appeared on Recode.net.

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