The mobile messaging app Snapchat is said to be seeking funding at a $19 billion valuation, according to a report, citing a person with knowledge of the matter.
Bloomberg is reporting that the Los Angeles-based company is aiming to raise $500 million at a valuation of $16 billion to $19 billion, making it the third most highly valued tech start-up backed by venture capitalists. The Chinese handset maker Xiaomi is valued at $45 billion, while Uber is estimated to be valued at about $40 billion, according to data from CB Insights.
Snapchat was valued at $10 billion in August, according to a Dow Jones report.
Some of its investors from previous rounds include Benchmark, Lightspeed Venture Partners and Kleiner Perkins Caufield & Byers.
The popular app, which allows users to share video and picture messages that disappear after a short period of time, has shown impressive growth over the past year.
The number of unique visitors using the app has risen 44 percent since January 2014, according to data from Comscore.