Report: Snapchat Nearing Financing Deal With Kleiner Perkins
Snapchat is set to get funding from venture capital firm Kleiner Perkins Caufield & Byers that would value the company at close to $10 billion, according to The Wall Street Journal Tuesday.
The three-year-old messaging service has no revenue but raised $50 million in December from Phillippe Laffont's Coatue Managment.
Total investment in the company was reported at $125 million, with earlier funding supposedly coming from Light Speed Ventures, Benchmark and SV Angel, as well as IVP and General Catalyst.
The deal with Kleiner Perkins would probably make Snapchat the most highly-valued tech startup.
Alibaba recently snubbed a similar deal with Snapchat, according to the Wall Street Journal, and Snapchat is widely reported to have spurned a $3 billion buyout offer from Facebook Inc. (NASDAQ: FB).
Snapchat, co-founded by 24-year-old Evan Spiegel -- currently chief executive -- has charted a path to revenue with a content and advertising addition planned to launch in November, according to recent media reports.
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