Reddit raised $250 million to become a $6 billion company
Reddit raised $250 million in a series E funding and became a $6 billion company doubling it’s 2020 valuation of $3 billion when they raised $300 million. The founding round was led by venture capital firm Vy Capital.
The company CEO Steve Huffman told the Wall Street Journal that they raised because there was a good market to raise at the moment. The ”people social network” is experiencing a great moment, in January, Reddit’s mobile app saw 6.6 million installs globally, up 43% month-over-month from about 4.6 million in December, according to Sensor Tower — it’s their best month ever.
The company said in a statement that they will use the funds to make strategic investments, including video, advertising, consumer products and expanding into international markets, it’s also good to remember thay they bought Dubsmash, the short-form video app similar to TikTok in December.