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Snapchat said to be seeking $3.6 billion valuation

Word on the street is that the send-it-and-forget-it messaging app wants to raise hundreds of millions of dollars from an Asian investor.


Just four months after raising $60 million, Snapchat, the ephemeral-messaging app loved by youngsters, is apparently looking to pocket a lot more dough. This time around, the 2-year-old company is said to be in search of hundreds of millions of dollars and a valuation as high as $3.6 billion.

Snapchat, according to AllThingsD, has yet to close the monstrous round, and would-be investors are still unknown, but the startup is said to be talking with an Asian outfit to lead the financing.

Should the company secure the astronomically high rumored valuation it would catapult itself into the $1 billion-plus club that includes Dropbox, Evernote, Airbnb, and, of course, Pinterest, which just raised another $225 million at an astonishing $3.8 billion valuation.

Apparently the secret's out about the send-it-and-forget-it photo and video messaging service. Though the Venice, Calif.-based company does not, like Pinterest, make any money, it is likely attracting the gluttonous attention of investors in search of the next Facebook. In September, Snapchat said it was processing 350 million "snaps" -- aka photos or videos -- per day, putting it practically on par with Facebook, which counts more than 350 million photo uploads per day.

Snapchat did not immediately respond to a request for comment.