Snapchat raises $20m at $10bn valuation

Aug 28, 2014 • Robert Lavine

The Tencent-backed instant messaging app developer has joined the $10bn club as rumours emerge of a prospective Microsoft acquisition.

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,…

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