REPORT: Snapchat is raising another round at a $16 -- 19 billion valuation

Evan Spiegel Snapchat CEOThe VergeSnapchat CEO Evan Spiegel

Snapchat may soon be the third most-valuable startup in the world, behind Uber and China’s Xiaomi. Bloomberg is reporting that the mobile photo platform is seeking $US500 million at a $US16-19 billion valuation and that it’s speaking with fund managers.

It raised $US485 million late last year from a slew of investors, according to an SEC filing. This would bring the company’s total amount raised to more than $US1 billion.

The funding report comes on the heels of another rumour: that Snapchat wants to buy an expensive record label, Big Machine, which could cost an estimated $US350 million. Big Machine represents Snapchat CEO Evan Spiegel’s former fling, Taylor Swift.

Since its founding in 2011, Snapchat’s growth has continued to be strong. It could be approaching 200 million monthly active users and it has tens of millions of daily active users.

Snapchat did not immediately respond to a request for comment.

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