Reddit, which introduced a $250 million Series E earlier this month, has added over $116 million to the financing occasion, upping the round’s most up-to-date complete to $367 million, in line with a brand new SEC submitting. The doc reveals that Reddit is aiming to boost as much as $500 million on this capital elevate.
A Reddit spokesperson confirmed the news, saying that the brand new capital is from ”new and present traders.” They provided no specifics on names. The spokesperson did affirm that the brand new capital didn’t include a brand new valuation, maintaining the platform at its beforehand introduced valuation of $6 billion pre-money.
Reddit is a 16-year-old firm with over $800 million in recognized enterprise funding. It has been within the highlight for the previous few months, with co-founder Alexis Ohanian resigning over moderation issues, to, extra just lately, its function within the election and the meteoric rise of GameStop’s inventory because of the subreddit r/WallStreetBets.