Snapchat has been in talks for another funding round that values it at up to $US3.6 billion, AllThingsD reports.
This is coming just months after closing a Series B round of $US60 million that valued the company at $US800 million.
If this funding happens, Snapchat (with 200 million photos being shared daily) will become more valuable than Instagram when Facebook purchased it last year.
AllThingsD’s sources said the funding would likely come from a strategic party from Asia.
This is quite a stunning boost in valuation over a very short period of time for a company that has no revenue.
Snapchat, for those who don’t know, is a service that lets users send photo messages that disappear in 10 seconds or less. This ephemeral messaging has gained popularity with teenagers, but is starting to spread to all age groups.
In a time where people are increasingly paranoid/upset/embarrassed about leaving behind a digital track record, the impermanence, and thus safety, of Snapchat is growing massively popular.