Popular American social news aggregation service Reddit has raised over $250 million through a series E investment round, resulting in the company's valuation rising to $6 billion, The Wall Street Journal reports. Notably, the company reached a valuation of $3 billion in 2019. Reddit has stated:
"Now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products and expanding into international markets."
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The company reportedly will use the funds to create and improve methods of communication on the platform, through text, video or live streaming. Reddit also intends to double its staff.
Reddit representatives said the platform is also receiving increased interest from advertisers. Direct advertising revenue jumped by 90% year-over-year in the last quarter.
Reddit was founded back in 2005. Soon, its founders Steve Huffman and Alexis Ohanian sold the company to Condé Nast. In 2011, Condé Nast spun off the company into a separate business. Reddit has a daily audience of 50 million users.
Reddit hit headlines earlier this year after the users of the community r/WallStreetBets unexpectedly invested in low capitalization companies making their valuation soar, which made big players lose a lot of money.
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