US media on Tuesday reported that Snapchat was valued at $10 billion based on funding pumped into the startup by a powerhouse Silicon Valley venture capital firm. The valuation came from a move by Kleiner Perkins Caufield and Byers to invest $20 million in Snapchat, according to The Wall Street Journal and technology news website Recode.
A $10 billion valuation for Snapchat was a hot topic last month after unconfirmed reports that Chinese e-commerce giant Alibaba was considering investing in the mobile-messaging startup.
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