Publish your own content on The Drum

Explore our new sections and topics

Moving toward a sustainable future: The innovation and transformation of the food industry

Kees Kruythoff

chairman and chief executive officer

Sir Martin Sorrell

founder & executive chairman

Snapchat joins Uber & AirBnB with $10bn plus valuation

Self-destruct messaging service Snapchat has been valued at a whopping $10bn by venture capital firm Kleiner Perkins Caulfield & Byer, following their $20m investment in the firm.

According to the Wall Street Journal this sky high valuation elevates the fledgling service to the taxi hire service Uber and AirBnB, the rooms to let business, both of which have recently joined the $10bn plus club.

Snapchat has been fending off suitors of late, reportedly declining a $3bn offer from Facebook last year according to Reuters.

The valuation comes ahead to offer advertising via the platform and introduce a range of new services in a bid to monetise its ephemeral offer, competing more directly with the likes of Twitter and Facebook.

Investor interest has been piqued by the prospect of future advertising windfalls although the firm has struggled thus far to generate much cash.