Reddit, the self-proclaimed “front page of the internet” is making headlines today thanks to a major new investment.
On Thursday, Reddit announced that it has plans to raise up to $700 million in its Series F funding round, which is led by Fidelity. Reddit has already raised $410 million for its Series F round, according to The Verge. This puts the social media platform at a $10 billion valuation.
Reddit is no stranger to huge funding rounds, with its Series E bringing in over $250 million earlier this year. At the time, Reddit said that it was aiming to double its employee headcount in 2021, which would involve hiring around 700 people. The company is still going forward with those hiring plans, with over 150 roles currently open for its San Francisco HQ.
Reddit has been growing beyond just hiring people, too. The company announced that it made over $100 million in quarterly advertising revenue for the first time, which is a 192 percent increase over the same quarter the year before. The company is also reportedly thinking about going public in the future, but no official details have been released yet.
This new funding round will allow Reddit to continue growing through hiring and other initiatives. A handful of these initiative involve “maturing” the business, including things like taking steps towards moderating hateful content on its platform and adding Michael Seibel to its board of directors.
“We are making strategic investments to grow Reddit and our business, including expanding internationally, innovating new ways to foster community and bolstering our advertising offerings and capabilities,” the company said in a blog post. “These efforts require us to grow our teams and make smart bets on how to make Reddit better, faster, easier to use, and more empowering for communities. We are also evolving as a business, maturing and building the operational structures that will help propel us into the future with transparency, values and integrity.”
