Alphabet's unit discloses Snapchat investment
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A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson
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(Reuters) - Alphabet Inc's (NASDAQ: GOOGL) venture capital arm CapitalG, earlier known as Google Capital, disclosed an investment in Snapchat by adding the social networking firm's logo to a page on its investment portfolio website.
CapitalG has not made a formal announcement and it was not clear when Google made the investment. The company was not immediately available to comment. (http://bit.ly/2focX4i)
The banks were notified last month that they had been awarded one of most coveted and potentially lucrative IPO mandates in recent years, as the Venice, California-based company vies for a $25 billion valuation in the stock market.
Snapchat, which lets users send smartphone photos which automatically disappear after a few seconds, has proven popular among teenage users.
The company had reportedly rejected an acquisition offer from Facebook Inc (NASDAQ: FB) that would have valued the company at $3 billion or more in 2013. (http://reut.rs/2f35J7m)
(Reporting by Subrat Patnaik in Bengaluru and Liana Baker in New York; Editing by Bill Rigby)
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