Snapchat, the vanishing-image service, is seeking to raise venture capital in a deal that would value the startup at $19 billion, The New York times reported Wednesday.
The financing round could provide Snapchat with $500 million, the paper said, quoting a person with knowledge of the discussions.
If it obtains that amount, the privately-held company's valuation would shoot to $19 billion—nearly double the figure from a year ago.
Last year the firm held financing talks on the basis of the company's value being assessed at $10 billion, the Times added.
The company was formed by three Stanford University students in 2011.
The deal would make Snapchat one of the highest-valued startups in the world.
That valuation of Snapchat would near that of WhatsApp, the instant message service that Facebook acquired last year for nearly $22 billion.
In 2013, Snapchat rejected a $3 billion takeover from Facebook, the Times recalled.
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