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.
Reporting By Aparajita Saxena in Bengaluru; Enhancing by James Emmanuel