By John Glenday

Self-destruct imaging service Snapchat is on track to hit a valuation of as much as $19bn if it completes an ambitious $500m funding drive, a figure which would make it the third most valuable venture-backed company anywhere if reached.

The stratospheric figure was reported by Bloomberg after speaking to an unnamed source, with the expectation that a figure in the region of $16-19bn is being targeted for the business.

This would put Snapchat in the premier league of start-ups, with only car-booking platform Uber and smartphone manufacturer Xiaomi able to top this sum with valuations of $40bn and $45bn respectively.

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Source: The Drum