US-based instant messaging app developer Snapchat has raised $485.6m in its series D round, according to a regulatory filing, with investors in the round possibly including internet company Yahoo.
Yahoo is one of several prospective participants, according to the Wall Street Journal, which reported in October that it was set to provide $20m, though TechCrunch last week cited rumours suggesting its contribution could have been greater.
A source told TechCrunch that e-commerce company Alibaba had originally planned to lead the round, before transferring its position to Yahoo.
The source added that, in contrast to other startups, Snapchat raises cash through an ongoing process, pursuing a range of investors which then commit funds at different valuations. That could partially explain the range of valuations cited for the round, with reports ranging from $10bn in August to $20bn last week.
The round’s 23 investors are said to include Kleiner Perkins Caufield & Byers, GIC and August Capital. It brings Snapchat’s total funding to about $630m.
Snapchat’s existing backers include internet company Tencent, Coatue Management, Institutional Venture Partners, Lightspeed Venture Capital, Benchmark Capital, General Catalyst Partners and SV Angel.