February 17, 2015 / 10:19 PM / 3 years ago

Snapchat seeks new funding at up to $19 billion valuation: Bloomberg

A man walks past Snapchat's headquarters in Venice, Los Angeles California October 13, 2014.Lucy Nicholson

(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. (bloom.bg/1AiWtif)

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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