VC firm Kleiner Perkins Caufield & Byers has committed to invest $20 million in Snapchat at a $10 billion valuation, according to sources familiar with the matter.
News of the funding commitment comes a few weeks after reports surfaced that Chinese e-commerce giant Alibaba was interested in investing in Snapchat. Sources told Re/code earlier this month that the talks had stopped, although the two sides did have initial conversations.
Snapchat and Kleiner declined to comment.
Snapchat previously turned down a $3 billion acquisition offer from Facebook.
The new round was first reported by the Wall Street Journal.
Update: Recast headline and first paragraph to reflect round has not closed.
This article originally appeared on Recode.net.