TECH

Snapchat Seeks New Funding At Up To $19 Billion Valuation

02/17/2015 05:36 pm ET | Updated Feb 18, 2015
Peter Macdiarmid via Getty Images

Feb 17 (Reuters) - Snapchat is looking to raise as much as $500 million in a new funding round that would value the mobile messaging company at up to $19 billion, Bloomberg reported on Tuesday, citing a person with knowledge of the matter.

The latest valuation is a massive increase for the company, which Facebook Inc offered to buy for $3 billion in late 2013. Snapchat's previous funding round, completed late last year, valued the company at more than $10 billion.

Executives of the company, which allows its more than 100 million users to send messages that disappear after a few seconds, are in advanced talks with fund managers, the person told Bloomberg.

Los Angeles-based Snapchat could not be reached immediately for comment. (Reporting by Abhirup Roy in Bengaluru and Bill Rigby in Seattle; Editing by Sriraj Kalluvila)

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