Web chat startup Meebo has closed the funding round they’ve been working on with investment bank Montgomery & Co., a source tells us. Expect an announcement shortly.

The best information we’ve been able to gather says the company raised $25 million or so on a $200 million valuation. Earlier this month they abandoned efforts to sell the company, focusing instead on raising money.

Meebo was negotiating with strategic partners to join the funding round as well, including eBay, Fox/MySpace and AOL. From what we’ve heard, none of those companies invested.

To date Meebo has raised $12.5 million from Sequoia Capital and Draper Fisher Jurvetson.