Snapchat is attempting to raise fresh funds that would value the less than four-year-old company at up to $19bn, according to Bloomberg.
The Los Angeles-based company, which makes mobile apps that allow users to send photos and videos which self-delete after a few seconds, is reportedly trying to raise $500m of venture capital investment that would value the firm at $16-$19bn.
Snapchat, which was created in founder Evan Spiegel’s Stanford University fraternity house in September 2011, was valued at $10bn when it raised $486m from investors, including Yahoo, last year according to Security and Exchange Commission (SEC) filings.
Spiegel, 24, who reportedly briefly dated Taylor Swift, turned down a $3bn takeover offer from Facebook in 2013. He is estimated, by Forbes, to retain a 15% in Snapchat, which would be worth $2.85bn if the company achieves a $19bn valuation.
The company says its users, who are mostly teenagers, send more than 700m “snaps” every day. Snapchat did not respond to requests for comment.
This article was written by Rupert Neate in New York, for theguardian.com on Tuesday 17th February 2015 23.23 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010