New funding round sees Reddit earn $ 4 billion in valuation since February

Popular social media platform Reddit has earned $ 4 billion in value since its last funding round earlier this year in February. Six mon...



Popular social media platform Reddit has earned $ 4 billion in value since its last funding round earlier this year in February.

Six months ago, the company raised $ 250 million in Series E financing at a valuation of $ 6 billion.

In the last move, Reddit announcement a Series F round of funding on August 12 – which is led by Fidelity Management and Research Company LLC and is expected to close at around $ 700 million with a post-currency valuation of $ 10 billion.

According to the New York Times, investment in the funding round has so far reached $ 410 million, with Reddit saying it expects additional funding from existing investors to hit the $ 700 million target.

Reddit’s true rating is difficult to gauge because the company has yet to be made public. Regarding this, Steve Huffman, co-founder and CEO of Reddit, told The Times:

“We’re still planning to go public, but we don’t have a specific timeline yet.”

“All good companies should go public when they can,” he added.

The company will use the latest funds to continue its international growth, simplify the user experience, improve website functionality, and deploy more video and audio functionality, while developing a self-service advertising system.

The platform competes with advertising-based social media giants such as Facebook and Twitter, with Huffman stating that “we grew up in the shadow of Facebook and Google, and pretty much every dollar we make we earn. had to beat us. ”

Unlike Facebook or Google however, Reddit has already launched its own cryptocurrencies in the form of Reddit Community Points.

The r / CryptoCurrency subreddit, which has 3.3 million members, has its own coin called r / CryptoCurrency Moons (MOON). In January, Cointelegraph reported that a user sold 14,000 moons they acquired for free to pay their rent.

MOON currently has a higher price than Dogecoin (DOGE). At the time of writing, according to At CoinGecko, DOGE sits at $ 0.27 while MOON sits slightly above at $ 0.29.

The r / FortNite subreddit launched a similar RCP called BRICK.

Reddit is home to the famous memestock group r / wallstreetbets, which has had a significant impact on the stock and crypto markets this year with its retail and pumping antics. The popularity of the group led to the creation of the crypto equivalent in r / SatoshiStreetBets, which now boasts a community of 480,000 Redditors.

Related: Reddit Deploys Layer 2 Solution To Scale Ethereum-Based Community Points