Reddit, the US-headquartered online community operator that counts internet group Tencent as an investor, has increased its series E round to almost $368m, it confirmed to TechCrunch yesterday.
The company raised $250m for a first close led by venture capital firm Vy Capital earlier this month at a $6bn pre-money valuation.
The additional funding came from unnamed new and existing investors and was originally disclosed in a securities filing indicating the round has a $500m target for its close.
Reddit operates an online platform with 52 million daily active users as of October 2020. It was founded in 2005 and bought by media group Advance Publications’ Condé Nast subsidiary the following year before being spun off in 2014.
Sam Altman led a $50m series B round at the time of the spinoff that included Sequoia Capital, Andreessen Horowitz and various individuals.
The three named series B investors joined Vy Capital, investment and financial services group Fidelity, Coatue Management and Ron Conway in a $200m series C round in 2017, at a $1.8bn post-money valuation.
The company subsequently increased its valuation from $1.8bn to $3bn in a $300m series D round in an early 2019 round led by $150m from Tencent.
