Reddit takes its valuation to $6bn after 15 years of operations
Reddit said that it has raised over $250m from existing and new investors in a Series E funding round for its social media network.
The new funding has doubled the California-based company’s valuation to $6bn.
However, the company did not disclose the names of the investors who took part in the latest funding round.
Reddit’s previous funding was in February 2019 when it had raised $300m in a Series D round, which gave it a valuation of $3bn. The Series D round was led by Chinese technology conglomerate Tencent through an investment of $150m.
Now into its 16th year of operations, the social news aggregation, web content rating, and discussion website has secured close to $800m.
The company, in a blog post, wrote: “We have come a long way in recent years to focus more on the needs of the hundreds of thousands of communities that make up Reddit and on creating feature-rich, safe, engaging, spaces for meaningful conversations for our 50+ million daily users.
“We have also continued to scale our advertising business, which is now poised to deliver performance and engagement in addition to brand awareness.”
The social media company plans to use the proceeds from the new funding round for making strategic investments in its video, advertising, and consumer products. The company will also invest in expanding into international markets.
Additionally, the company said that it will double its workforce this year.
Reddit enables people across the world to post content, upvote or downvote, and comment across various communities that are organised as per their interests.
The social media network site claims to have over 100,000 communities and more than 50 billion monthly views.
In December last year, Reddit acquired video-sharing social media service Dubsmash for an undisclosed price.