US-based instant messaging app Snapchat is raising $20m from venture capital firm Kleiner Perkins Caufield & Byers at a $10bn valuation, the Wall Street Journal reported yesterday.
Snapchat has raised approximately $144m since it was founded in 2011 from backers also including internet portal Tencent, Coatue Management, which invested $50m in December 2013, Institutional Venture Partners, Lightspeed Venture Capital, Benchmark Capital, General Catalyst Partners and SV Angel.
General Atlantic and Tiger Global Management have also been in talks with Snapchat, according to TechCrunch, though it is unclear whether they will invest in the company.
Investment firm DST Global also invested in Snapchat earlier this year at a $7bn valuation, according to the WSJ.
The funding comes at a time when rumours are suggesting Snapchat has begun talks with software company Microsoft over an acquisition.
E-commerce company Alibaba had been rumoured to be interested in funding the company at a $10bn valuation late last month, only for Alibaba to subsequently deny the reports.