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.
