The popular photo-sharing app 'Snapchat' which allows users to send images which automatically 'self-destruct' after ten seconds has been reportedly valued at $800 million, higher than Facebook or Twitter's valuation.
The app developed by Evan Spiegel and Bobby Murphy, was launched in 2011 and allows smartphone users to send photos or video clips which disappear within ten seconds and are supposedly deleted from the servers, the Independent reports.
According to the report, Snapchat has raised $60 million of funding from Institutional Venture Partners, General Catalyst Partners and SV Angel, and Michael Lynton, chief executive of Sony Corp US and Sony Entertainment is expected to join the board.
Analysts have approximated Snapchat's current valuation at $800 million up from $60 million earlier this year as a result of $13.5 million of venture capital backing secured in February.
Facebook's valuation lower than that of Snapchat, stands at $715 million which the company paid to acquire the image sharing service Instagram.