Snapchat already raised $175 million in new venture funding from Fidelity Investments and other investors.

The investment is an extension of Snapchat's Series F financing round, which the company began raising in 2015. The company now raised around $1.4 billion in total. A flat valuation is not usually a great sign, but the raise comes at a time when lots of tech companies are raising down rounds, or taking money at a lower valuation than their last fundraising.

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It is technically part of that same round as Snapchat had set aside some additional shares at the time to sell in the future. But the fact that Snapchat was not able to get a higher valuation with the sale of these shares is likely to fan worries that the once red-hot period of growth for Internet companies is coming to an end.

Fidelity bought shares of the company at $30.72 per share in February, the same price at which it bought Snapchat shares in March 2015, according to NDTV Gadgets. The flat round, in which a company's valuation does not grow despite an influx of new money, suggests Snapchat's valuation may have grown too quickly and investors are now readjusting their expectations. 

Fidelity's investment comes despite the mutual fund's own wavering about Snapchat's valuation. Fidelity cut off its stake in the company by 25 percent during the third quarter last year. But last fall, Fidelity marked its stake back up by about 15 percent.
The financial services company has already written down the value of Snapchat and other private internet-company holdings in recent months, and high-profile startups such as Zenefits have laid off employees. Some startups have shut down entirely. Whether these are isolated incidents or the beginnings of a broader slowdown in the internet market is a subject of intense debate, Business Insider reported. 

The app provider has worked to expand its fledgling advertising business and last month formed a partnership with Viacom, which gave Viacom exclusive rights to sell advertising around Snapchat's content.

Snapchat is one of the most popular apps among millennials, with more than 100 million users viewing eight billion videos on the service everyday. It has yet to prove it can be profitable though the company makes money by charging brands to sponsor videos or photos in its Live Stories section.