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Reddits valuation doubles to $6 billion after new $250 million funding

The social media firm’s Chief Government Officer, Steve Huffman, advised the Wall Avenue Journal (WSJ) that it’s a good market to boost funds.

Reuters

PUBLISHED ON FEB 09, 2021 08:50 AM IST

Reddit Inc, which has been on the coronary heart of a latest social media-driven retail buying and selling frenzy, mentioned on Monday it raised greater than $250 million in a brand new spherical of funding that has doubled its valuation to $6 billion.

The social media firm’s Chief Government Officer, Steve Huffman, advised the Wall Avenue Journal (WSJ) that it’s a good market to boost funds.

“Valuations are very excessive proper now. It by no means hurts to boost cash when there’s a possibility to take action and Reddit had a powerful 12 months,” Huffman was quoted as saying by the WSJ.

Reddit mentioned in a weblog publish that promoting income elevated 90% within the final quarter from a 12 months earlier.

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