Snapchat Said to Close Yahoo Funding as It Keeps Raising Money

Snapchat Inc. has closed an investment from Yahoo! Inc. and is continuing to raise more money, according to people with knowledge of the matter.

Snapchat, which makes a mobile application for sending disappearing photos, recently completed a funding with Yahoo in a deal that values the startup at $10 billion, said the people, who asked not to be identified because the details are private. The financing round remains open, with Snapchat seeking money from other investors, said the people, who declined to comment on how much Yahoo invested.