Reddit, which received a $ 250 million E Series earlier this month, has added more than $ 116 million, increasing the total amount of the round to around $ 367 million, according to a new SEC filing. The document shows that Reddit aims to raise up to $ 500 million in this capital increase.
A Reddit spokesperson confirmed the news, saying the new investment comes from both new and existing investors. No details were given on the names. According to the information announced, Reddit’s valuation is over $ 6 billion.
The San Francisco-based company said it plans to use the new investment it has received in a variety of areas, including video, advertising and overseas expansion. Founded in 2005, Reddit allows users to post posts or links to articles and brings communities together. Gradually entering the mainstream, Reddit is currently one of the most visited sites in the US.
The E Series funding round is led by Vy Capital. When we take a look at the news that Reddit received $ 250 million, we see that existing investors such as Andreessen Horowitz, Sequoia Capital and Tencent Holdings participated in the round. However, it is not yet clear who the newly added investors are.
Reddit has been on the agenda lately with the GameStop incident that brought its users together against the Wall Street giants. Reddit forum r / WallStreetBets helped to increase the value of the sinking GameStop shares. Thanks to the ‘’meme stocks’’ trend in the financial world, monthly app installs of Reddit surpassed 6 million in January making it the best month ever for the app in terms of downloads.