In a statement Discord said, it has raised $500 million in a funding round led by investment firm Dragoneer Investment Group.
Previously Bloomberg News had reported the value of the deal at around $15 billion.
Discord declined comment on the valuation.
In a statement a spokesperson for the chat platform said, Fidelity Management & Research Co, Baillie Gifford & Co, Franklin Templeton, and Coatue Management, participated in the funding round along with existing investors.
Discord increased its market share significantly during the COVID-19 pandemic; while the chat app was initially used by gamers, it has now expanded its marketshare across communities and includes events ranging from comedy clubs to karaoke parties.
Earlier this year, Microsoft was in talks to acquire Discord for more than $10 billion.