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Snapchat in talks to raise funding from Alibaba

31 Jul 2014

snappVenture capital-backed picture messaging technology company Snapchat is reportedly in talks to raise a funding round from Chinese e-commerce giant Alibaba Group.

Snapchat, which is backed by International Venture Partners (IVP), could be valued at around 410m in the investment round, said Dow Jones, citing people familiar with the negotiations.

The talks may involve other investors and could fall apart before a deal is reached, said the people.

Last June IVP led a $60m Series B round for Snapchat, which valued the company at $800m. That round brought Snapchat’s investment total to $74m.

In April this year Alibaba and Jack Ma’s private equity firm Yunfeng Capital  agreed to invest $1.22bn in internet television company Youku Tudou.

Earlier in 2014 Alibaba and Yunfeng acquired a controlling interest in pharmaceutical information business CITIC 21CN.

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