Executives at ephemeral messaging app maker Snapchat are in advanced talks with fund managers about a $500 million funding round, which would value the company somewhere between $16 billion and $19 billion, according to Bloomberg.
The round would put Snapchat on the number three spot of the world’s most valuable venture capital-backed companies, behind Uber (valued at $45 billion) and Xiaomi (valued at $40 billion). It is worth noting that its new valuation would be close to the $22 billion that Facebook paid to acquire WhatsApp, which has hit the 700 million user mark.
In 2013, Snapchat turned down a $3 billion offer from Facebook and in 2014 managed to raise funds from more than 20 investors at a $10 billion valuation.
Snapchat has not commented on the new round as yet.
Meanwhile, the company has been busy adding new features like Discover and Snapcash to its popular platform, acquiring several companies last year, looking into the potential of working with Twitter and integrating music into its platform, while coming down hard on third-party applications after a security breach.