You are here: Home » Technology » News
Business Standard

Reddit raises $250mn in Series E funding, now has over 50 mn daily users

Online public discussion platform Reddit has raised $250 million in the new Series E funding round.

Topics
Reddit

IANS  |  San Francisco 

Reddit

Online public discussion platform has raised $250 million in the new Series E funding round.

The company, now in its 16th year of operation with more than 50 million daily users, has raised nearly $800 million to date, including a Tencent-led $300 million Series D in February 2019.

"We have raised more than $250 million in Series E funding from existing and new investors. We decided that now was the right opportunity to make strategic investments in including video, advertising, consumer products, and expanding into international markets," the company said in a statement late on Monday.

The company said that it is "readying to double the number of employees this year".

The new funding comes after a renewed public attention on the platform where subreddit r/WallStreetBets helped raise the issue of GameStop stock that rose and fell sharply.

"We have come a long way in recent years to focus more on the needs of the hundreds of thousands of communities that make up Reddit and on creating feature-rich, safe, engaging, spaces for meaningful conversations for our 50+ million daily users," Reddit said.

"We have also continued to scale our Advertising business, which is now poised to deliver performance and engagement in addition to brand awareness".

Reddit said that it continues to invest in building and improving the ways people on Reddit connect.

Its more recent developments include acquiring the short-form video platform Dubsmash to bring highly-polished video creation tools to its platform and encourage under-represented creators to find a home on Reddit.

--IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 09 2021. 10:32 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU