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Reddit to Raise Up to $700 Million in New Funding, Valuing Site at More Than $10 Billion

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variety.com
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Todd Spangler NY Digital EditorReddit announced that it is raising up to $700 million in new funding, giving the community-discussion site a post-money valuation of more than $10 billion, the company said.Reddit, founded in 2005, has raised $410 million in funding to date.

The new Series F funding, led by previous investor Fidelity Management and Research Co., includes participation from previous investors.

The latest financing announcement comes six months after Reddit raised $250 million, led by venture-capital firm Vy Capital.

Other investors include Tencent, Sequoia Capital, Fidelity and Andreessen Horowitz.Reddit has said it plans to double headcount in 2021, expanding from about 700 to 1,400 employees.

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thesun.co.uk
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nme.com
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