Nine months after rejecting a $3 billion takeover offer by Facebook, the Silicon Beach-based photo messaging service known as Snapchat has found itself valued at a reported $10 billion following a $20 million investment from storied venture capital firm Kleiner Perkins Caufield & Byers, according to The Wall Street Journal.
A Snapchat spokeswoman declined to comment on the company’s legal advisers for the funding round, and Kleiner Perkins general counsel Paul Vronsky did not return a request for comment on the matter. Snapchat’s controversial CEO Evan Spiegel is the son of two lawyers with Am Law 100 ties, and a handful of large firms are behind the startup’s rapid rise to fame, including Cooley, which does most of Snapchat’s outside legal work.
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