Snapchat seen seeking fresh funding

San Francisco

SNAPCHAT is seeking a new round of funding that would value the company as high as US$19 billion, a person with knowledge of the matter said, making it the third-most valuable venture-backed company in the world.

Snapchat, which makes a mobile application for sending photos and videos that disappear within seconds, wants to raise as much as US$500 million, said the person, who asked not to be named because the talks are private. Executives are in advanced discussions with fund managers, the person said.