Until now, the company has raised $140m.
Snapchat's funding discussion with Chinese e-commerce giant Alibaba has come to an end, with nothing materialising out of the discussion so far, according to Recode.
The self-destructive messaging app maker was in talks with investors including Alibaba for a round of funding which could have valued the company at $10bn.
Snapchat might have ended the discussion, but according to Forbes it has authorised the sale of 17.4 million shares of new preferred stock, which could be about 3%-5% of Snapchat's stake.
It indicates that the company might be tied to certain investments through IPO or acquisitions, which could mean that Alibaba might provide shares of its company to Snapchat after the IPO is launched.
The app maker previously turned down the $3bn offer from Facebook for its acquisition. However, Facebook went on to create similar apps like Slingshot to compete against Snapchat.