Snapchat Is Now A $10 Billion Dollar Company

Snapchat is close to finalizing a $20 million fundraising round led by VC firm Kleiner Perkins at a $10 billion valuation, CNBC, The Wall Street Journal, and TechCrunch are reporting.

The messaging app now has 100 million users, to the WSJ report.

Rumors of a new funding round for Snapchat started last month when several reports said Chinese ecommerce company Alibaba wanted to invest. But Business Insider discovered that was a bogus rumor.

Snapchat's valuation has shot up tremendously in a very short period. Last year the company was valued at $3 billion, a figure now dwarfed by their current value.

Kleiner Perkins' investment is not the end of Snapchat's near-term fundraising efforts. The current investment round remains open. The Wall Street Journal noted that "at least one strategic investor" yet unnamed has committed to the round as well.

You can expect Snapchat and its investors to formally announce the new round of funding very soon.