Reddit has raised $250 Mln within a Series E fundraising round, the firm recently announced Monday night.
The renowned social media website, which said both new and existing investors participated but didn’t disclose their names, plans to double its headcount with the funds, also as build out its “video, advertising, consumer products” along with international efforts, consistent with an official web blog post.
As per the Wall Street Journal, this suggests Reddit plans to possess a sum of 1,400 employees by the end of 2021 and presently holds a $6 Bln valuation.
The company has made headlines over the past few weeks, most notably when its r/WallStreetBets community helped pump GameStop’s share price and other securities to triple-digit growth, triggering SEC [Securities and Exchange Commission] investigations and Congressional hearings. This pumping later spread to Dogecoin [DOGE] and Ripple [XRP], both of which saw massive price boosts.
“Time and again, we’ve seen the facility of community and connection alongside the expansion and evolution of these communities and therefore the humans behind them,” Monday’s announcement added.
However, the announcement didn’t mention the GameStop pump, though an excellent Bowl ad purchased by the corporate for Sunday night’s game obliquely referenced it, saying “one thing we learned from our communities last week is that underdogs can accomplish almost anything once they close around a standard idea.”
Reddit didn’t discuss its present financial situation but added within Monday’s announcement that it sees over 50 Mln daily users and added that its direct advertising revenue hiked around 90% over the past quarter, compared to the primary half of 2019.
“We still invest in building and improving the ways people on Reddit connect – whether that’s traditional via text-based discussions or via video or live streaming,” the announcement adds.
While Monday’s announcement didn’t mention its recent cryptocurrency forays, it comes slightly below fortnight after the firm expanded its collaboration with the Ethereum Foundation within the hopes of “bringing Ethereum to Reddit-scale production.”