NBCUniversal Invests $500 Million in Snap

NBCUniversal, a division of Comcast, has invested $500 million in Snap Inc. during its IPO as part of a strategic investment and partnership reports CNBC.

Snap is the parent company of Snapchat, a popular social media app with over 150 million users.

The investment has been a good one so far. Since going public at $17 on Thursday, shares closed Friday at $27.09

Snap has headquarters in Venice, CA. The company raised $3.4 billion in its stock offering.

Morgan Stanley, Goldman, Sachs & Co., J.P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Company LLC acted as book-running managers for the offering.