Reddit, Wall Street s New Bête Noire, Now Valued at $6 Billion After Fresh Funding
Todd Spangler, provided by
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Reddit, the self-proclaimed “front page of the internet,” has banked $250 million in new growth funding giving the online discussion site a $6 billion valuation.
The company announced the funding round late Monday. The funding, led by VC firm Vy Capital with participation from existing investors, doubled its previous valuation, per the Wall Street Journal. In 2019, Reddit raised $300 million in funding, valuing the company at around $3 billion, from investors including Tencent, Sequoia Capital, Fidelity and Andreessen Horowitz.
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Reddit, which says its site attracts more than 50 million daily users, has been in the headlines the last several weeks after users on one of its discussions forums, r/WallStreetBets, caused stock-market chaos when they promoted stocks targeted by short sellers. In the wake of the market volatility,