Reddit raised million$ in funding and is now valued in billions

[Guest Nicole]

Reddit has raised $200 million in new venture funding and is now valued at $1.8 billion, according to CEO Steve Huffman.

The new funding round, the company’s largest ever, should expedite a number of internal product and business efforts, including a redesign of its homepage and its first foray into user-uploaded video, Huffman added in an interview with Recode.

The money comes courtesy of a number of well-known Silicon Valley investors, including firms like Andreessen Horowitz and Sequoia Capital, and individual investors like Y Combinator President Sam Altman (also a board member) and SV Angel’s Ron Conway. It also includes money from the hedge fund Coatue, investment firm Vy Capital and mutual fund giant Fidelity.

Read more: https://www.recode.net/2017/7/31/16037126/reddit-funding-200-million-valuation-steve-huffman-alexis-ohanian

[admin]

Quick update:

• Reddit is said to be prepping for a Tencent-led fundraising round of between $150 million and $300 million, per TechCrunch. Looks like the front page of the internet could soon be worth $3 billion.