Social news aggregation and discussion website Reddit said Thursday that it plans to raise “up to $700 million in Series F funding, led by Fidelity Management and Research Company LLC and including other existing investors, at a post-money valuation” of more than $10 billion.
As it said at the time of its previous funding round, the company emphasized that “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.” Those efforts “require us to grow our teams and make smart bets on how to make Reddit better, faster, easier to use, and more empowering for communities,” it added. “We are also evolving as a business, maturing and building the operational structures that will help propel us into the future with transparency, values and integrity.”
Touting that it has made “a great deal of progress on all fronts,” it noted that it has hired “our first chief financial officer” and built out “a comprehensive finance function,” and has expanded internationally in the U.K., Canada, Australia, with “more countries to come.”
The company also highlighted a financial milestone. “This year Reddit marked its first $100 million advertising revenue quarter (second quarter 2021), representing a 192 percent increase compared to the same period last year,” it said. “And, we are investing in our products and diversifying the Reddit experience to include new ways for communities to connect through video and audio.”
