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Reddit's valuation doubles to US$6 billion after new US$250 million funding

Reddit Inc, which has been at the heart of a recent social media-driven retail trading frenzy, said on Monday it raised more than US$250 million in a new round of funding that has doubled its valuation to US$6 billion.

FILE PHOTO: Reddit logos are seen displayed in this illustration
FILE PHOTO: Reddit logos are seen displayed in this illustration taken February 2, 2021. REUTERS/Dado Ruvic/Illustration

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REUTERS: Reddit Inc, which has been at the heart of a recent social media-driven retail trading frenzy, said on Monday it raised more than US$250 million in a new round of funding that has doubled its valuation to US$6 billion.

The social media company's Chief Executive Officer, Steve Huffman, told the Wall Street Journal (WSJ) that it is a good market to raise funds. https://on.wsj.com/2N5U62

"Valuations are very high right now. It never hurts to raise money when there's an opportunity to do so and Reddit had a strong year," Huffman was quoted as saying by the WSJ.

Reddit said in a blog post that advertising revenue increased 90per cent in the last quarter from a year earlier. https://bit.ly/3p37uC3

(Reporting by Rama Venkat in Bengaluru; Editing by Devika Syamnath)

Source: Reuters