

Snapchat Valued at $10B, Kleiner Perkins Invests - beardless_sysad
http://online.wsj.com/articles/kleiner-perkins-caufield-byers-agrees-to-invest-in-snapchat-1409088794

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goronbjorn
(╯ಠ_ಠ）╯︵ s||ɐʍʎɐd

Anyone have the text of the article?

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goronbjorn
Got it:

Snapchat Fetches $10 Billion Valuation

Kleiner Perkins Investment Gives the Messaging Services a Shot in the Arm

Kleiner Perkins Caufield & Byers has agreed to invest in Snapchat Inc., an
ephemeral messaging service, at close to a $10 billion valuation, people with
knowledge of the matter said.

Snapchat, which has talked to several potential investors in recent months, is
in the process of raising a large investment round that would make it one of
the most valuable private, tech startups despite virtually no revenue.

The venture-capital firm committed to invest up to $20 million in May, one
person added.

At least one strategic investor has also committed to invest in the round,
which isn't yet closed, two of the people said.

A spokeswoman for Kleiner Perkins wasn't immediately available for comment. A
Snapchat spokeswoman said: "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."

Snapchat's valuation, at about $2 billion last year, has soared even as the
startup lacks a clear business model. Investors see potential to make money
from the millions of teenagers and college students on the three-year-old app,
a group that is highly coveted by advertisers and increasingly difficult to
reach through traditional media like television and magazines.

New capital could help Snapchat gear up for its first foray into advertising,
expected later this year. The company has held talks with media companies and
advertisers 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. The service that would let users read daily editions of
publications, video clips and ads by holding down a finger on the screen, like
they do with photos and other messages on the app before disappearing.

