Reddit will raise up to $700 million in a fundraising round led by Fidelity Management, the social media network said on Thursday, cashing in on a jump in its influence in the financial world to triple its valuation to over $10 billion.
As of January, Reddit had more than 52 million daily active users and over a 100,000 communities, dwarfed by Facebook's nearly 2 billion daily active users in June or Twitter's 206 million monetizable daily active users, a term for users who see the ads placed on their platforms.
Reddit topped $100 million in advertising revenue for the first time in the second quarter, an almost threefold jump from the same period last year. Its investors include venture capital firm Andreessen Horowitz, funds such as Sequoia Capital, Tencent HoldingsReporting by Noor Zainab Hussain and Subrat Patnaik in Bengaluru; Editing by Arun KoyyurSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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