Tallahassee Journal

Snapchat seeks funds to bump value to $19B

Snapchat seeks funds to bump value to $19B

Another day, another potentially eye-popping valuation of a tech startup. This time, it’s the messaging app Snapchat. According to Bloomberg, the company is seeking a new round of funding that would value the company as much as $19 billion.300-1112-snapchat

Citing “a person with knowledge of the matter,” the report says Snapchat wants to raise $500 million. The funding would make it the third most valuable venture capital backed company in the world, behind ride-booking service Uber and Chinese smartphone company Xiaomi.

Last month, Snapchat disclosed it raised $486 million, according to a filing with the Securities and Exchange Commission, part of a flurry of huge funding rounds. Also last month, Xiaomi closed a $1.1 billion round that values the company at $45 billion, while Uber raised $1.2 billion.

Snapchat, a messaging app specializing in video and photo messages that disappear seconds after they’re sent, branched out into the content space with Discover. The feature allows media companies including CNN, ESPN and National Geographic to share Snapchat-style news.