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China's Alibaba to invest $200m in Snapchat - report

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Alibaba Group plans to commit $200 million to US-based social network Snapchat.

According to reports, the investment will value the company at $15 billion.

Snapchat has been looking for additional capital to improve its core services, and is said to be planning an additional $500 million round of financing.

The company markets itself as a social network that protects users' privacy. Messages and photos that users send to each other disappear within seconds and leave no permanent record. The company recently began carrying news articles and videos as well. It aims to compete with established networks such as Facebook and Twitter.

Snapchat has previously secured more than $600 million from private investors, most recently a $485 million Series D round in December. Backers include VC firms and strategic players, which are believed to include Chinese internet giant Tencent. The company rejected a 2013 buyout offer from Facebook worth $3 billion.

Alibaba is an increasingly active investor in the US internet sector. Last week it led a $60 million round for mobile app search engine Quixey, and in 2014 it participated in a $250 million round for online taxi booking service Lyft.

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