Snapchat Said to Be Valued at $16 Billion in New Fundraising

Snapchat Inc. raised $537.6 million in a sale of common stock, with the funding round valuing the messaging startup at about $16 billion, a person with knowledge of the matter said.

The company may raise as much as $650 million in the round, according to a filing Friday with the Securities and Exchange Commission. That would bring Snapchat’s total financing to more than $1.2 billion, according to Crunchbase, as the company builds its business in pursuit of an eventual initial public offering.