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LOS ANGELES – Snapchat, the wildly popular messaging app favored by young folks, has quietly raised new funds that bring its valuation to nearly $10 billion, according to a report in the Wall Street Journal.

Citing "people with knowledge of the matter," the WSJ says venture capital firm Kleiner Perkins Caulfield and Byers and other investors have put in new funds that bring Snapchat to nearly $10 billion.

Last year, Facebook offered to buy the company for $3 billion, but was turned down by co-founders Evan Spiegel and Bobby Murphy, who started the app as students in a Stanford University dorm room.

Kleiner Perkins is one of the early investors in Google, Facebook, Uber and Twitter.

Snapchat is known for its app that permits users to send photos that can disappear within 10 seconds, and has yet to begin monetization efforts. Online reports have popped up recently suggesting that Snapchat would begin testing ads that like photos, would disappear, beginning later this year.

"The valuation of our business and our capital requirements are the least exciting aspects of supporting the Snapchat community," says Snapchat spokeswoman Mary Ritti. "We have no further comment at this time.

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