Reddit, the San Francisco-based social media platform, has raised $410m at a valuation of more than $10bn. It expects to raise up to $700m – just six months after it raised $250m at a valuation of $6bn.
The company said: “We are making strategic investments to grow Reddit and our business, including expanding internationally, innovating new ways to foster community, and bolstering our advertising offerings and capabilities.” It plans to double headcount this year to 1,400 employees.
The New York Times says: “The company makes most of its money selling advertising, which appears in the feeds of users who browse the many ‘subreddits,’ or topic-focused forums, across the site. But Reddit must compete against digital advertising giants like Google, Facebook and Amazon, as well as other ad-based social networking sites, including Twitter, Snap and Pinterest.”
