Snapchat hits $12bn value in latest funding
PHOTO messaging app Snapchat is currently fundraising at its highest ever valuation of up to $12bn (£7.5bn) according to reports.
The startup, which was launched in 2011 by three Stanford University students, has virtually no revenue, but is in talks with a number of potential investors, including Yahoo, Kleiner Perkins Caufield & Byers and others, according to The Sunday Times.
Talks are said to be ongoing and could value Snapchat at between $10bn and $12bn.
Last month, it was first reported that Yahoo was looking to take a stake in Snapchat.
The company recently landed a $5bn windfall after selling part of its stake in Chinese e-commerce giant Alibaba when the firm floated with a $231bn valuation.
An investment in Snapchat would help the ageing internet portal tap into mobile technology and step up its exposure to a younger audience.
Last year Snapchat raised funding at a valuation north of $2bn and rejected a $3bn acquisition offer from Facebook.
Snapchat did not respond to requests for comment.