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Snapchat Raises $175 Million From Fidelity at Flat $16 Billion Valuation

Snapchat is raising more money.

Asa Mathat for Re/code

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.