Kleiner Perkins said it would invest up to $20 million in social messaging app Snapchat, valuing the company at nearly $10 billion, Dow Jones reported Tuesday, citing sources.
According to the report, Snapchat said it now has 100 million monthly active users, nearly half that of Twitter (TWTR).
Snapchat, a smartphone app that allows users to share self-destructing images, has become popular among teenagers in the U.S. and its currently one of Apple (AAPL) iTunes' top 10 free apps.
- Technology & Electronics
- Kleiner Perkins