Matt Marshall at Venture Beat is reporting that Meebo is attempting to raise $25 million-$30 million, which would put its valuation at between $200 million and $250 million.

Meebo offers a Web-based service allowing users to communicate across all public instant messaging services. No stranger to the VC circuit, Meebo has already received funding from Sequoia Capital and Draper Fisher Jurvetson.

That kind of money may sound mad when you figure that Microsoft put Facebook's valuation in the $240 million range, and Facebook actually had a built-in constituency among college students--arguably a valuable demographic--before it even began expanding its ranks.

It seems even crazier when you consider that Bear Stearns was just valued at $236 million.

But Marshall Kirkpatrick has another view, arguing that Meebo is a simple, solid service that serves a clear need and has amassed large user numbers.

As Eric Lundquist noted, enterprises may find a valuable new role for social networks as they confront a worsening economic picture.