Reddit's valuation doubles to $6 billion after new $250 million funding
(Reuters) - Reddit Inc, which has been at the heart of a recent social media-driven retail trading frenzy, said on Monday it raised more than $250 million in a new round of funding that doubled its valuation to $6 billion.
“Valuations are very high right now. It never hurts to raise money when there’s an opportunity to do so and Reddit had a strong year,” Huffman said, according to the WSJ report.
Reddit, which has more than 50 million daily active users, said in the blog post that advertising revenue rose 90% in the last quarter from a year earlier.
The rally has drawn the attention of regulators, although U.S. Treasury Secretary Janet Yellen said on Sunday it was too soon to say whether new policies or regulations were needed to deal with the volatility.