(USA Today) LOS ANGELES – Snapchat, the wildly popular messaging app favored by young folks, has quietly raised new funds that bring its valuation to nearly $10 billion, according to a report in the Wall Street Journal.

Citing “people with knowledge of the matter,” the WSJ says venture capital firm Kleiner Perkins Caulfield and Byers and other investors have put in new funds that bring Snapchat to nearly $10 billion.

Last year, Facebook offered to buy the company for $3 billion, but was turned down by co-founders Evan Spiegel and Bobby Murphy, who started the app as students in a Stanford University dorm room.


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