The cash is set to value the Tencent and Yahoo-backed instant messaging service at between $16bn and $19bn, a source told Bloomberg.
US-based instant messaging app developer Snapchat is seeking to raise up to $500m of funding at a $19bn valuation, Bloomberg reported yesterday.
Snapchat, which counts internet companies Tencent and Yahoo as past investors, received $485m in series D funding from 23 investors last year and has raised about $630m since it was founded in 2011.
A source told Bloomberg the company is in advanced talks with fund managers over the latest round, which will likely value it at between…
