Reddit worth $6bn after funding round

Reddit has doubled its value to $6 billion following a $250 million Series E investment round.

Funding was sourced from from both existing and new investors.

The company, which currently has more than 50 million daily users, said that now is the right time to make “strategic investments” in the business, including across video, advertising, consumer products, and expanding into international markets.

The online platform, which was launched 16 years ago, also announced plans to double the number of Reddit employees in 2021.

“Valuations are very high right now. It never hurts to raise money when there’s an opportunity to do so and Reddit had a strong year,” Reddit chief executive Steve Huffman told the Wall Street Journal.

The company said that it is continuing to scale its advertising business, which saw revenue increase by 90 per cent in its last quarter, compared to the previous year.

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