The price of Snapchat’s shares were flat compared to last year in a recent fundraising round, according to a report in The Information.
Snapchat raised $1.81 billion in funding, the company disclosed in a filing on Thursday. Media reports pegged the company’s valuation in the new round as ranging between $18 billlion and $22 billion.
That would be a nice increase from the $16 billion valuation that the company fetched in its previous round of funding in March 2016.
But according to The Information, which cited two anonymous sources familiar with the matter, the price per share that investors paid for Snapchat equity in the latest round was the same as in the $16 billion valuation round.
Snapchat’s total valuation in the current round rose to between $17 billion and $18 billion, according to the report. But that was only because the company issued more shares, rather than due to an increase in Snapchat’s share price.
Snapchat declined to comment.
Snapchat is one of the most popular mobile messaging apps. The company appears to be preparing for an initial public offering, even as it raises vast sums of money, and has quietly added an IPO expert to its board of directors, Business Insider reported earlier on Thursday.