Snapchat values itself at $19bn

App manufacturer hopes to raise $500m in venture capital investment in deal that would make founder Evan Spiegel's stake worth $2.85bn

Snapchat is attempting to raise fresh funds that would value the less than four-year-old company at up to $19bn, according to Bloomberg. The Los Angeles-based company, which makes mobile apps that allow users to send photos and videos which self-delete after a few seconds, is reportedly trying to raise $500m of venture capital investment that would value the firm at $16-$19bn.

Snapchat, which was created in founder Evan Spiegel's Stanford University fraternity house in September 2011, was valued at $10bn when it raised $486m from investors, including Yahoo, last year according to Security and Exchange Commission (SEC) filings.