Snapchat Inc., the company behind the eponymous popular messaging app, is targeting a $19 billion valuation with a new round of funding, BloombergBusiness reports. Citing a person with knowledge of the situation, Bloomberg says the company is seeking to raise up to $500 million in the new financing round. If it succeeds, Snapchat Inc. would become the third-highest-valued startup backed by a venture capital firm, trailing only Uber Technologies Inc. and Chinese smartphone manufacturer Xiaomi Corp.
The talks are still private, but the source says that Snapchat Inc. executives are in "advanced discussions" with fund managers. Last year, CEO Evan Spiegel reached a $10 billion valuation for the company and received financing from 23 different investors totaling $485.6 million.
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