(Bloomberg) -- A flood of money from unconventional sources has sent valuations of late-stage technology startups, including Uber and Snapchat, to levels that haven’t been seen since before the dot-com crash.

Hedge funds and mutual funds that once shunned venture-style deals are flocking to the market’s hottest corner, paying 15 to 18 times projected sales for the year ahead in recent private-funding rounds, according to three people with knowledge of the matter. That compares with 10 to 12 times five years ago for the priciest companies, one said.

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