Kleiner Perkins has decided to invest in a new round of financing for Snapchat, according to The Wall Street Journal. The round, which has been rumored for months, will reportedly value the company at $10 billion. The news was accompanied by more news: Snapchat has hit 100 million monthly active users.
When asked for comment by WSJ, a Snapchat spokesperson threw a little sass, “The valuation of our business and our capital requirements are the least exciting aspects of supporting the Snapchat community. We have no further comment at this time.”
One source told the WSJ that Kleiner would be throwing in up to $20 million. The round hasn’t closed yet, so it’s possible the situation could shift. It was only last month that there were reports Alibaba might be leading Snapchat’s round, a rumor that didn’t prove out.
Kleiner has been struggling to find its footing for some time now and cut a sizable chunk of its early stage investment staff late last year. The company, under John Doerr’s guidance, went big on cleantech and suffered some serious losses (the Segway anyone?). It largely missed the wave on social, passing up Facebook and LinkedIn and taking a later stage bet in Twitter. The Snapchat deal may be a way to make back some of those losses, although joining in on the Series D isn’t exactly calling it early.