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Yahoo Said Close to Investing in Snapchat at $10 Billion Value

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Yahoo! Inc. is close to investing in Snapchat Inc. in a funding round that values the startup at $10 billion, according to a person with knowledge of the situation.

Yahoo is the lead investor in the financing and set the terms of the round, said the person, who asked not to be identified because the information is private. Venture capital firm Kleiner Perkins Caufield & Byers has also invested as part of the Snapchat funding, people with knowledge of the matter have said.