- Reddit is raising a new round of funding led by the Chinese company Tencent, according to TechCrunch.
- That round, a $150 million series D, reportedly values the company at $2.7 billion.
- Reddit was owned by Condé Nast from 2006 to 2011 before getting spun back off into an independent company.
Reddit, the online forum associated with everything from online trolls to cat videos to live interviews with President Barack Obama, is raising a mega funding round that values the company at $2.7 billion, according to TechCrunch’s Josh Constine.
The coming round, a series D worth $150 million, is reportedly led by the Chinese tech company Tencent.
Since Reddit is a private company, it doesn’t report its financials. Citing sources, however, CNBC reported in July that Reddit was set to bring in $100 million in annual revenue for the first time in 2018. Most of Reddit’s revenue is derived from advertising, though it also sells a membership plan with expanded features, known as Reddit Gold.
The company said in December that it had more than 330 million monthly active users and nearly 14 billion views per month.
Reddit was founded in 2005 by Alexis Ohanian and Steve Huffman.
The company was quickly bought by the magazine publisher Condé Nast in 2006. By 2011, however, Conde Nast spun Reddit back out on its own, and the company started raising more venture capital.
Its most recent round was in 2017, when the company raised $200 million led by Andreessen Horowitz and Sequoia Capital at a $1.6 billion pre-money valuation.
A representative for Reddit did not immediately respond to a request for comment.
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Source: Business Insider