Multiple reports suggest that Snapchat is close to closing a funding round for $20 million (£12m) which would value the fledgling company at $10 billion.
These are just the latest reports of a fresh round of funding in the young company, with reports last month suggesting that Chinese e-commerce giant Alibaba were preparing to invest at a similar level in the messaging app - though this was subsequently denied.
According to the latest reports, Kleiner Perkins is not the only investor in this funding round, with the WSJ reporting that "at least one [unnamed] strategic investor" is also committed. However a formal announcement from Snapchat and its investors is expected soon.
100 Million Users
According to the Wall Street Journal, the messaging app has 100 million users around the world - though the company has never confirmed any user numbers to date.
Last year it was widely reported that 24-year-old Evan Spiegel, the creator of the messaging app, had turned down offers from Facebook and Google of $3bn and $4bn respectively.
Previous figures for Snapchat - which has yet to generate any revenue - claim that it has 26 million users in the US and that its global users post over 400 million photos on the service every day.
Snapchat's appeal is based on several innovative features, including one that allows users to set a countdown for when posted photos will disappear after their friends open them.
While the app remains free Spiegel has said he believes the company can earn money from users who opt to purchase extra content, although he is yet to expand on this strategy in public.