Snapchat valuation of $19bn sought in latest funding round
Self-destruct imaging service Snapchat is on track to hit a valuation of as much as $19bn if it completes an ambitious $500m funding drive, a figure which would make it the third most valuable venture-backed company anywhere if reached.
The stratospheric figure was reported by Bloomberg after speaking to an unnamed source, with the expectation that a figure in the region of $16-19bn is being targeted for the business.
This would put Snapchat in the premier league of start-ups, with only car-booking platform Uber and smartphone manufacturer Xiaomi able to top this sum with valuations of $40bn and $45bn respectively.
Formed in 2011 Snapchat has enjoyed stratospheric growth since turning down a $3bn offer from Facebook in 2013 as it takes advantage of high levels of venture capital spending.
In recent months Snapchat has begun monetising the platform by displaying temporary adverts which disappear from view after being clicked.