The financial picture at Snapchat just got a whole lot greener. Venture-capital firm Kleiner, Perkins, Caufield & Byers has agreed to invest as much as $20 million in the app—in exchange for less than 1 percent of the company. That gives the ethereal photo-sharing social network a market valuation of nearly $10 billion. Snapchat had reportedly been in talks with multiple investment firms with a valuation in that range. The capital infusion will reportedly go toward plans to add advertising later this year. Snapchat has more than 100 million monthly users.
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