Snapchat is reportedly seeking a new round of funding that could value the company as high as $19 billion.
"A person with knowledge of the matter" said that the company would be hoping to raise as much as $500 million, with executives "in advanced discussions" with fund managers over the new round of funding, according to Bloomberg,
The funding could reportedly land Snapchat a valuation of between $16 billion and $19 billion, making it the one of the top three venture capitalist-backed startups, behind car service Uber and smartphone manufacturer Xiaomi.
Snapchat declined to comment on the report.
Snapchat began in 2011 as a photo sharing service, where images would disappear after a few seconds. The service has since added video and chat functionality, as well as most recently launching Discover, a content delivery service with partners such as CNN, The Food Network and Vice.
Back in 2013, Facebook offered $3 billion in an unsuccessful bid to acquire the service. A year later the Wall Street Journal reported that a $463 million investment deal saw the company take the No. 9 spot in the top 10 US venture capital deals.