Snapchat, Inc. is looking for a new round of funding.
According to Bloomberg, executives behind the popular photo and video messaging app are holding discussions with fund managers to bring in up to $500 million worth of additional investments, which would bring the Los Angeles-based tech company’s value to anywhere from $16 to $19 billion.
The additional funding would make Snapchat the world’s third-most valuable venture-capital-backed startup, according to the report, behind only ride sharing company Uber Technologies Inc. ($40 billion) and Chinese cellphone producer Xiaomi Corp. ($45 billion).
Representatives from Snapchat have not yet returned TheWrap‘s request for comment.
Snapchat was developed in 2011 at Stanford University and spent much of its infancy as a way for users to discretely exchange disappearing pictures and messages. But more recently the company has seen a wider array of applications, including within Hollywood, where it’s being used as both a marketing tool for filmmakers and musicians and an over-the-top delivery system for original content.
In January the company partnered with CNN, ESPN, Comedy Central and others to launch a Discover channel. Later that month the company revealed plans to co-produce a scripted superhero series “SnapperHero” with AT&T. Snapchat will also develop a mobile series produced by Steven Spielberg and John Goldwyn’s daughters.
Snapchat CEO Evan Spiegel made headlines in 2013 when he turned down a $3 billion offer from Facebook, instead raising $485 million from 23 different investors, including Yahoo! Inc., which brought the company’s net worth to $10 billion. Sony Pictures CEO Michael Lynton was also among those investors in 2013, and currently serves on its board of directors.