Reddit has raised a brand new funding spherical, totalling $250 million. That is the corporate’s Sequence E spherical of financing, and it comes sizzling on the heels of renewed public consideration on the location that has dubbed itself ‘the entrance web page of the Web,’ owing to the position the subreddit r/WallStreetBets performed within the current meteoric rise (and subsequent steep fall) of the worth of GameStop inventory. Reddit additionally ran a 5-second Tremendous Bowl advert on Sunday, consisting of. a single static picture that seemed like a regular submit on the community itself.
That is Reddit’s sixteenth yr of operation, and the corporate has raised round $800 million thus far, together with a Tencent-led $300 million Sequence D in February, 2019. Right this moment’s spherical together with financing from “current and new buyers,” Reddit famous in a blog post in which it announced the funding. Within the submit, Reddit notes that the corporate felt “now was the appropriate alternative to make strategic investments in Reddit together with video, promoting, shopper merchandise and increasing into worldwide markets.”
It’s unclear how the spherical got here collectively precisely, however given the community’s time within the highlight over the previous few weeks, culminating in yesterday’s very transient, but in addition very memorable and high-profile advert, it appears doubtless it was at the least finalized quick so as to assist the corporate profit from its time within the highlight. By way of what sort of particular strikes Reddit might make with its new money readily available, the weblog submit additionally namecheck its acquisition late final yr of short video sharing platform Dubsmash, and introduced plans to double its workforce over the course of this yr with new hires.
Reddit’s lengthy historical past has additionally included some significant tumult, and efforts to wash up its act so as to current a greater face to advertisers, and to potential new neighborhood members. The community nonetheless struggles with balancing its commitments to fostering a house for a spread of communities with the potential for hate speech and discrimination to take root inside a few of these, and it was additionally within the information earlier this yr for lastly banning controversial subreddit r/donaldtrump following “repeat´d coverage violations” surrounding the tried rebel a the U.S. Capitol by a mob of home terrorists.