Snapchat obtained funding from Yahoo! Inc. YHOO that values the privately held social media startup at $10 billion, according to a report Wednesday from Bloomberg news service.
Snapchat, launched in 2011, had no revenue until this weekend when it began inserting advertising in its product.
The current financing round remains open and Snapchat continues to raise additional funds, according to unnamed sources cited in the report.
Bloomberg also reported earlier this week that Snapchat has held talks with Alibaba Group Holding Ltd that could lead to funding, and has commitments from venture capitalist Kleiner Perkins Caufield & Byers.
Snapchat has said that as of May, users were sharing 700 million photos and videos each day, up from 350 million in October.
The company reportedly turned down a previous $3 billion offer from Facebook Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
