Reddit has raised $250 million in a Sequence E fundraising spherical, the corporate introduced Monday night time. The social media web site, which
Reddit has raised $250 million in a Sequence E fundraising spherical, the corporate introduced Monday night time.
The social media web site, which mentioned each new and current traders participated however didn’t disclose their names, plans to double its headcount with the funds, in addition to construct out its “video, promoting, client merchandise” and worldwide efforts, in line with a weblog publish.
In keeping with the Wall Road Journal, this implies Reddit plans to have a complete of 1,400 staff by the top of 2021 and now enjoys a $6 billion valuation.
“Again and again, we’ve got seen the ability of neighborhood and connection alongside the expansion and evolution of these communities and the people behind them,” Monday’s announcement mentioned.
The weblog publish didn’t point out the GameStop pump, although a Tremendous Bowl advert bought by the corporate for Sunday night time’s sport obliquely referenced it, saying “one factor we discovered from our communities final week is that underdogs can accomplish absolutely anything once they come collectively round a typical concept.”
Reddit didn’t talk about its present monetary scenario however famous in Monday’s announcement that it sees over 50 million every day customers and mentioned its direct promoting income elevated 90% over the previous quarter, in comparison with the final quarter of 2019.
“We proceed to put money into constructing and enhancing the methods individuals on Reddit join – whether or not that’s historically by means of text-based discussions or by means of video or dwell streaming,” the weblog publish mentioned.
Whereas Monday’s announcement didn’t point out its latest crypto forays, it comes just below two weeks after the corporate expanded its partnership with the Ethereum Basis within the hopes of “bringing Ethereum to Reddit-scale manufacturing.”