The new funding would bring the total amount of capital raised by Snapchat to more than $140m, according to the Wall Street Journal.
The company is said to have turned down a $3bn buyout offer from Facebook earlier this year.
Earlier this summer it was reported that the social media platform was in talks to raise a funding round from Chinese e-commerce giant Alibab Group.
Prior to that, International Venture Partners led a $60m Series B round for Snapchat.
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