NEW YORK (TheStreet) -- A new round of funding could value Snapchat as high as $10 billion, more than triple what Facebook (FB) - Get Reportoffered the company late last year

The photo sharing app, known for putting time limits on pictures sent, has reportedly received as much as $20 million from Silicon Valley venture capital firm Kleiner Perkins Caulfield & Byers.

The funding, in exchange for less than 1% holdings in the company, would push Snapchat's total valuation among the highest of start-ups, despite having made no revenue off of its 100 million monthly users. Advertising is expected to be integrated later this year, reports The Wall Street Journal

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Snapchat and Kleiner Perkins Caufield & Byers could not be immediately reached for comment.

The app, only three years old, has seen its private market valuation grow fivefold over last year's $2 billion as investors vie for a spot on the messaging service's ground floor.

Facebook reportedly tried to woo Snapchat with $3 billion at the end of 2013, a deal the fledgling business rebuffed. The acquisition would have made Facebook's 2010 acquisition of Instagram for $1 billion in cash and stock look comparatively cheap.

--Written by Keris Alison Lahiff in New York.