Snapchat’s investors now include Google Capital

Snap rumoured to release new Spectacles

Whether older generations understand its appeal or not, Snapchat has evolved into a massive social media platform.

Major companies, especially Facebook, have made several attempts to replicate Snapchat’s features in Instagram via Stories, Messenger, and even WhatAapp. After rebranding the company to just Snap Inc. earlier this this summer, it looks like the social media platform has additional plans for growth.

This week, it was discovered that an investment company under Alphabet, Google Capital, has made an investment into Snap Inc. As Google Capital rebranded to CapitalG this past week, the company’s portfolio site was updated to include Snap’s logo. Snapchat relies heavily on Google’s cloud infrastructure to function and the company has famously turned down acquisition offers from both Google and Facebook in the past.

The latest round of funding made public by Snapchat amounted to $1.81 billion USD in investment back May of 2016, which puts the company’s total value at around $20 billion total. Snapchat has been working with an increasing number of media outlets on new shows for Snapchat and its Spectacles announced this summer have given many in the technology sphere reason to speculate where the company is headed.

[via]Business Insider[/via]