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Snapchat seeks new funding at up to US$19b valuation

Wednesday, February 18, 2015 - 06:58
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Snapchat, which makes a mobile application for sending photos and videos that disappear within seconds, wants to raise as much as US$500 million.

[BENGALURU] Snapchat is looking to raise as much as US$500 million in a new funding round that would value the mobile messaging company at up to US$19 billion, Bloomberg reported on Tuesday, citing a person with knowledge of the matter.

Executives of the company, which allows users send messages that disappear after a few seconds, are in advanced talks with fund managers, the person told Bloomberg.

Los Angeles-based Snapchat could not be reached immediately for comment.

REUTERS