Los Angeles Business Journal

Snapchat Valued at $10 Billion with New VC Investment

By Melissah Yang Tuesday, August 26, 2014

Early-stage VC firm Kleiner Perkins Caufield & Byers has invested in Snapchat, giving the photo and video messenger app a valuation just shy of $10 billion, according to the Wall Street Journal.

The report said the Menlo Park firm committed up to $20 million in May in a round that remains open.

Kleiner Perkins could not be reached for comment.

Snapchat offered the following statement:

“The valuation of our business and our capital requirements are the least exciting aspects of supporting the Snapchat community. We have no further comment at this time.”

It’s a familiar eleven-digit valuation for the Venice company. Financing talks reportedly fell through earlier this month between China’s Alibaba Group and Snapchat, which would have also valued the ephemeral messaging app at $10 billion. The mobile app had a $2 billion valuation late last year.

The investment news comes less than a week after reports emerged of a soon-to-be released feature, Snapchat Discovery, which would allow companies to advertise and incorporate other content on the messaging app.

Staff reporter Melissah Yang can be reached at MYang@labusinessjournal.com. Follow her on Twitter @MelissahYang for the latest in L.A. tech news.