Reddit raising $150M to $300M on $2.7B valuationDuncan Riley / SiliconANGLE - 1 year ago
  • According to an unconfirmed report published Tuesday by TechCrunch, the round will be led by Chinese internet giant Tencent Holdings Ltd., somewhat ironic given that Reddit was banned in China in August. Other investors in the round may include Sequoia Capital, Andreessen Horowitz and Y Combinator.
  • Founded in 2005 by University of Virginia students Steve Huffman and Alexis Ohanian, Reddit bills itself as the front page of the internet.
  • The site, a sort of amalgam between social networking a la Facebook and old-school online forums, was acquired by Conde Nast in 2006 before being spun off as a standalone company in 2011 on a $200 million valuation.
  • Despite being a private company that does not disclose figures, Reddit is believed to have 330 million monthly active users over 150,000 subreddits.