Snapchat could soon be valued north of $20 billion.
The company is believed to be seeking at least $200 million in new funding, according to a filing that was provided to VC Experts.
The filing shows that the company authorized 7.5 million new shares on May 13.
TechCrunch was first to report the new funding on Monday evening. This would be an extension of the company’s March round of financing when it raised $175 million from Fidelity. That fundraising valued the social network at $16 billion.
If the new funds are raised at the company’s current level it would value Snapchat at $22.7 billion, according to VC Experts.
That assumes that shares are still priced at $30.72 (the value of the Fidelity round) and that all of its authorized shares are authorized.
With a valuation of more than $20 billion Snapchat joins an exclusive club that includes the likes of Uber, Xiaomi, and Airbnb.
Facebook allegedly attempted to buy Snapchat for $3 billion in 2013.
The company in March released half a dozen new features, including voice calls and audio and video messaging.
Snapchat is now supporting more than 150 million daily users.