Online discussion forum Reddit has hit a $10 billion valuation after raising $700 million in its latest funding round.

The valuation comes as a 67 per cent premium to the $6 billion Reddit was valued at following a $250 million Series E funding round in February.

The San Francisco based company, founded in 2015, has over 52 million daily users and 100,000 active “sub-reddits”, which allow users to discuss particular hobbies or interests.

The company said it made $100 million in advertising revenue during the second quarter of 2021, a 192 per cent year-on-year increase.

The round was led by Fidelity Management, and existing reddit investors include venture capital firm Andreessen Horowitz, Sequoia Capital, and Tencent.

Reddit has raised a total of $1.6 billion to date, according to PitchBook.

The discussion forum plans to double its headcount this year, and hired its first chief financial officer, Drew Vollero, in March.

“We are optimistic and encouraged that not only are we resourced and capitalised to continue on our growth path, but also that our investors support our vision and want to deepen their stakes in our future,” said a Reddit spokeperson.

Share Story: