Snapchat is raising an additional $200 million in funding, according to a TechCrunch report, this time at a valuation of around $20 billion. The funding comes fewer than three months after a $175 million raise valued the company at $16 billion, the same valuation as the company’s previous round of funding. The new investment will bring Snapchat's total funding past $1.5 billion—impressive stuff considering the disappearing messaging service is still a few months shy of its fifth birthday.
Just six months ago, the company was thought to be one of the unicorns likely to see a major drop in valuation. In November, Fidelity lowered the value of its Snapchat investment by around 25%, which many saw as evidence of a tech bubble. But maybe the more interesting commentary is that a $20 billion valuation would be almost 7x larger than the $3 billion acquisition offer made to Snapchat by Facebook (NASDAQ: FB) in 2013. It appears rejecting those overtures was a much smarter move than many believed at the time.
We've highlighted Snapchat as today's featured PitchBook Profile, so you can check out the company's funding history, management team and more right here.