Tencent an investor in Snapchat – report
Tencent reportedly made a minority investment in video messaging app Snapchat in June.
Techcrunch reported that the Chinese internet giant was an undisclosed participant in Snapchat's $60 million Series B round, led by Institutional Venture Partners, alongside General Catalyst Partners, SV Angel and existing backers Benchmark and Lightspeed Venture Partners.
Tencent is rumored to be interested in leading a new round that would value two-year-old Snapchat at $4 billion.
Earlier this month Snapchat reportedly rejected a $3 billion buyout offer from Facebook, according to The Wall Street Journal.
Tencent has previously made strategic investments in companies such as Kakao Talk, the leading South Korean mobile messaging app, and games developer Riot Games.
There is expected to be an increase in investments in mobile video and gaming in China, as larger number of users access content on smart devices.
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