Snapchat close to raising as much as $100 million at a jaw-dropping valuation

Gigaom

That quality possessed by some which draws all others with its magnetic force. With ‘It’ you win all men if you are a woman and all women if you are a man. ‘It’ can be a quality of the mind as well as a physical attraction. Elinor Glyn (It)

The It girl of web services, Snapchat, is close to snagging about $100 million in new investment at a valuation in excess of half a billion dollars, sources familiar with company’s fund raising efforts tell me.

Snapchat is a mobile service that allows you to send and receive photos or videos that sort-of-maybe disappear afterward. It raised $13.5 million in Series A funding from Instagram-backers Benchmark Capital. The company is based down in Los Angeles and has eschewed the Valley way to chart its own course.

The red-hot company has been fielding funding overtures from a lot of usual suspects in Silicon Valley, but sources…

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