Buzz, funding, Investments, ipo, messaging apps, Mobile, News, Singapore, Snap, Snapchat, Startups, Temasek

Brief: Temasek among big-name funds that invested in Snap

Photo credit: Ted Murphy.

The news:

  • Singapore state investment firm Temasek was among institutional investors that have bought stakes in Snap, parent of messaging app Snapchat, US Securities and Exchange Commission filings show.
  • Temasek owns 300,000 shares in Snap, accounting for 0.04 percent of the company, according to Bloomberg data.
  • Big US funds like Fidelity Management & Research and Coatue Management have held positions even before Snap went public.

Why it matters:

  • Snap’s stock jumped on account of the stake disclosures, after last week’s losses that were brought about by poor quarterly results – the first publicly reported. Snap missed revenue and user growth targets amidst a heated competition with Facebook.
  • Temasek is a force to be reckoned with. An early investor in Alibaba and Uber rival Grab, the Singapore government’s fund owns a portfolio worth over US$170 billion in Singapore and Asia.

Source: Bloomberg

This post Brief: Temasek among big-name funds that invested in Snap appeared first on Tech in Asia.

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