By Priya Anand | 8 February 2021
BLOOMBERG — Reddit Inc. said it raised $250 million from private investors, riding a wave of attention after users of the social media website drove a stock market frenzy.
The funding, led by Vy Capital, pushes the company’s valuation to $6 billion, the Wall Street Journal reported. Reddit intends to spend the cash to develop its advertising business, expand internationally and add video tools, the company said in a statement.
Founded in 2005, Reddit allows anyone to submit posts or links to articles and asks the community to vote each one up or down. It slowly went mainstream and is one of the most visited sites in the U.S. Reddit has been a birthplace for some of the internet’s most well-known memes, as well as conspiracy theories and harassment campaigns. […]
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