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Reddit to raise funds, pegging start-up value at $1.7 billion

Despite the site's popularity, Reddit has struggled to find a sustainable business model

Alicia Ritcey & Jenn Zhao | Bloomberg 

Reddit is one of the few relics of the mid-2000s internet that has not only survived but thrived in recent years. Now venture capitalists are giving a major boost to the link-sharing website, with funding that will give the company a valuation of about $1.7 billion, two people familiar with the matter said.   In recent weeks, Reddit was looking for investments totaling about $150 million, said one of the people, who asked not to be identified because the terms are private. A spokeswoman for Reddit said no funding had been finalised, declining to comment further. Steve ...

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First Published: Sat, June 17 2017. 21:26 IST
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