Snapchat of Venice has raised $175 million from Boston’s Fidelity Investments at a $16 billion valuation, the same valuation the company raised money at last year, according to a source cited by the Wall Street Journal.

This latest Fidelity investment was technically considered part of the company’s initial investment, because Fidelity had been authorized to buy additional shares as part of that earlier purchase.

Fidelity, a mutual fund and financial services firm, previously invested in Snapchat in March 2015. The company marked down the value of its previously purchased Snapchat shares by 25 percent in November.

Snapchat’s inability to raise capital at a higher valuation could suggest investors are wary about the pace of its revenue growth, though volatile public markets have also affected the valuations of private tech companies of late. The disappearing message and content platform has now raised more than $1.2 billion in capital since its founding in 2011, according to reports.

Snapchat has been working to boost its advertising revenue in recent months by reorganizing the way it sells ads and opening its ad performance to ratings from Nielsen. That should make it easier for brands and agencies to compare on Snapchat to other social media platforms.

Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.