Snapchat valued at $US10 billion

By Evelyn M. Rusli and Douglas MacMillan - Wall Street Journal

DST Global, the Russian investment firm led by Yuri Milner, also invested in Snapchat earlier this year at a valuation of $US7 billion, according to two people familiar with the matter.

Kleiner Perkins Caufield & Byers has agreed to invest in the fast-growing ephemeral message service Snapchat Inc. at a valuation of close to $US10 billion, people with knowledge of the matter said.

Alibaba Group Holding Ltd. , a rival to Tencent, recently considered and passed on an investment in Snapchat at a valuation of more than $US10 billion, people familiar with the matter said earlier this month.

More than 100 million people now use Snapchat every month, with roughly two-thirds of those users logging on to the service daily, according to a person who has been briefed on the company's internal metrics.

The company has held talks with media companies and marketers in recent weeks about a new content service called Snapchat Discovery, a person familiar with the matter told The Wall Street Journal earlier this month.

Evan Spiegel, the company's 24-year-old co-founder and chief executive, has enticed investors by sharing more details about the company's revenue plans in recent months, according to a person familiar with the matter.

Read more here: Business Spectator


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