Snapchat has raised $175 million in new venture funding from Fidelity at the same $16 billion valuation it raised at back in May, according to a source familiar with the deal.
That means Snapchat has now raised around $1.4 billion in total. The Wall Street Journal first reported the new funding.
A flat valuation isn’t usually a great sign, but the raise comes at a time when lots of tech companies — including Jawbone and Foursquare — are raising down rounds, or taking money at a lower valuation than their last fundraising.
In that vein, this investment doesn’t look bad.
A Snapchat spokesperson did not immediately respond to our request for comment.
This article originally appeared on Recode.net.