Reddit valued at $three billion after elevating $300 million in newest funding spherical

FILE PHOTO: Reddit mascots are displayed on the firm's headquarters in San Francisco, California April 15, 2014. REUTERS/Robert Galbraith

(Reuters) – Social media community Reddit Inc stated on Monday it raised $300 million in its newest funding spherical, led by Tencent Holdings Ltd, giving it a market valuation of $three billion.

The sequence D funding spherical noticed a $150 million funding from Tencent and the corporate’s former traders, together with Sequoia, Constancy, Tacit and Snoop Dogg.

Barring the newest funding, San Francisco, California-based Reddit has raised greater than $250 million in three different funding rounds. Its final funding was on Aug. 1, at a valuation of round $1.eight billion. The corporate has over 20 traders, together with Advance Publications, which owns Conde Nast, Reddit’s one-time mum or dad firm.

The corporate lately confronted a person knowledge breach the place a hacker broke into its techniques and accessed knowledge, together with present e-mail addresses and a 2007 database backup containing previous encrypted passwords. Nevertheless, Reddit largely shrugged it off, saying the attacker gained read-only entry to some techniques that contained the backup knowledge.

Reddit has greater than 330 million common month-to-month lively customers, with 14 billion screenviews monthly, as of Nov. 12, 2017, it stated on its web site.

Reporting By Aparajita Saxena in Bengaluru; Enhancing by James Emmanuel

Author: Maxwell C.

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