Snapchat is close to raising “hundreds of millions” of dollars in a new round of funding, according to AllThingsD. This would value Snapchat at about $3.6 billion. The new investor is not yet known, but it is believed to be an Asian company.
The Asian investor is believed to be Tencent, a Chinese company that is known for generating substantial revenues from in-app purchases.
Back in June, Snapchat raised $60 million in Series B funding with an $800 million valuation led by Institutional Venture Partners with participation from General Catalyst Partners and SV Angel.