Alphabet’s investment arm, Google Capital, has quietly made an investment in Snapchat parent company, Snap Inc.
The investment was only revealed after Google Capital rebranded itself to CapitalG on Friday and added the Snapchat logo to its portfolio page. Business Insider confirmed that it is a portfolio company of the growth equity arm of Alphabet. Snap Inc did not immediately respond to comment.
The two companies have had a cosy relationship. In 2013, it was rumoured that Google once tried to buy Snapchat for $4 billion after it turned down a Facebook acquisition. To this day, Snapchat remains one of the largest users of Google’s cloud infrastructure, although it’s recently brought a data center specialist in house.
Before it renamed itself to Snap Inc in September, Snapchat had most recently raised $1.81 billion in a May 2016 round of funding. That funding round valued the company around $20 billion.
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