Snapchat Seeks New Funding At Up To $19 Billion Valuation

Snapchat's New Round Of Funding Puts The Mobile Messaging App At $19 Billion Valuation
LONDON, ENGLAND - OCTOBER 06: In this photo illustration the Snapchat app is used on an iPhone on October 6, 2014 in London, England. Snapchat allows users' messages to vanish after seconds. It is being reported that Yahoo may invest millions of dollars in the start up firm. (Photo by Peter Macdiarmid/Getty Images)
LONDON, ENGLAND - OCTOBER 06: In this photo illustration the Snapchat app is used on an iPhone on October 6, 2014 in London, England. Snapchat allows users' messages to vanish after seconds. It is being reported that Yahoo may invest millions of dollars in the start up firm. (Photo by Peter Macdiarmid/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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