Snapchat Valuation Reaches $10 Billion After Kleiner Perkins Commitment

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.

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