Fidelity invests $175 million in Snapchat but its valuation remains unchanged

Snapchat raises 175 million from Fidelity

Snapchat has raised $175 million from Fidelity Investments. The company has now received $1.3 billion in funding.

The Wall Street Journal is reporting that Snapchat maintains its previous $16 billion valuation, reflecting a more cautious approach from tech investors.

Snapchat calls more than 100 million active users among its ranks, mostly in the millennial demo and claims to deliver more than 8 billion video views daily.

Other investors include Alibaba Group, Benchmark, General Catalyst Partners, Glade Brook Capital Partners, HDS Capital, Institutional Venture Partners, Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, York Capital Management, and Yahoo.

Snapchat has worked in the last year to turn itself from a simple photo and video messaging service to a media-delivery platform that has teamed with the likes of ESPN, CNN, Viacom, and Buzzfeed, among others.

After news of the new funding round was announced Snapchat also announced that it was teaming up with Major League Baseball for another season.

The expanded multiyear partnership will kick off this season on March 11 with “Snapchat Day” in MLB’s spring training ballparks.

You can expect to see Snapchat coving major MLB games and events, including opening day ceremonies on April 3, the All-Star Game, and the postseason.