According to foreign media reports, Google Capital, the investment arm of Alphabet, quietly changed its name to CapitalG last weekend and disclosed its stake in social apps Snapchat.
Google spokesperson Winnie King confirmed that Snapchat is one of Google Capital's investment companies, but declined to comment. The Snapchat spokesperson said that he would not comment on the financing.
Snapchat's core "read-and-burn" sharing feature has a large market among young people, and the company's growth has always given Facebook a sense of crisis. It is rumored that Snapchat rejected Facebook’s acquisition of more than $3 billion in 2013, and it was later reported that Google wanted to buy the company for $6 billion, which was also rejected by Snapchat. After accepting a round of funds injection of $1.81 billion in May this year, Snapchat’s market capitalization has reached $20 billion.
The VR Daily reported on the early launch of Spectacles, an AR eyewear product launched by Snapchat, which was considered by many to be the front stop for AR glasses. Today, Google’s investment may also be a reflection of the company’s layout in this area. After all, Google also has its own AR platform Tango.
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