Reddit raised $250 mn in a Series E funding round.
Reddit has raised $250 mn in a Series E funding roundfrom private investors, riding a wave of attention after users of the social media website drove a stock market frenzy. The company's valuation reaches $6 bn post fundraiser. It would spend the cash to develop its advertising business, expand internationally and add video tools, the company said in a statement.
Reddit allows anyone to submit posts or links to articles and asks the community to vote each one up or down. It slowly went mainstream and is one of the most visited sites in the U.S. Reddit has been a birthplace for some of the internet’s most well-known memes, as well as conspiracy theories and harassment campaigns.
“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,” the company said in a blog post. “We have dedicated ourselves to Reddit because we believe in the power of communities that provide a sense of belonging and connection as real as the ones we make offline.”