Reddit, which has been at the heart of a recent trading frenzy, has announced that it successfully raised more than $250 million in a new round of funding that has doubled its valuation to a staggering $6 billion.
“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,” Huffman was quoted as saying by the WSJ.
Reddit Inc said in a blog post that advertising revenue increased 90% in the last quarter from a year earlier.
The company, which was founded back in 2005 by Steve Huffman, Alexis Ohanian and the late Aaron Swartz has been long viewed as underestimated both in terms of its audience and in terms of its brand influence, with many analysts and journalists now acknowledging that the forum-based company is a vital part of the social media ecosystem.
The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Rama Venkat in Bengaluru. Editing by Devika Syamnath. Comment by Rob Phillips.
Stay on top of the latest developments across the platform economy and gain access to our problem-solving tools, proprietary databases and content sets by becoming a member of our community. For a limited time, premium subscription plans start from just $7 per month.