Reddit said on Monday that it had raised more than $ 250 million in E-Series funding from existing and new investors. Sources say the company has raised the new funding to a pre-cash valuation of $ 6 billion.
Why does it matter: The company doubled its valuation from its last round of financing of $ 300 million to a valuation of $ 3 billion in 2019.
Be smart: This is a great time for Reddit to raise money. The company is facing record downloads and traffic amid the populist revolution on Wall Street, which was sown by retail investors on Reddit.
- In January, the Reddit mobile app saw 6.6 million installations globally, up 43% month-on-month, from about 4.6 million in December on Sensor Tower – the best month in the world. history.
- The company said in December that it has 52 million daily active users.
Details: In a statement, the company said it would use the funds to make strategic investments in Reddit “including video, advertising, consumer products and expansion into international markets.”
- In December, Reddit acquired Dubsmash, the short-form video application similar to TikTok.
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