Snapchat Seeks More Funding At Up To $3.6 Billion Valuation

Los Angeles-based mobile app developer Snapchat is in the midst of a new funding round, which values the company at more than $3.6 billion, according to a report Friday. AllThingsD reports that the firm--which just raised $60M in June--is looking for more money, upping its valuation from $800M to $3.6 billion. The deal apparently has not yet closed. Snapchat has emerged as one of the few Southern California companies over the years which has managed to see the kind of stratospheric interest more known in Silicon Valley, mostly due to the huge adoption of Snapchat's social services by teenagers. Details on the size of the funding round haven't yet emerged.