TechBookyBusiness
No Result
View All Result
Sunday, June 26, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Funding

Social News Site Reddit Valued At $10 billion After New Funding Round

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
August 12, 2021
in Funding
Share on FacebookShare on Twitter

Social news website and the self-proclaimed ‘front page of the internet; Reddit, has revealed that it is now valued at more than $10 billion after raising a fresh $410 million in funding.

The latest funding round was led by Fidelity Investments, and it increased Reddit’s valuation from the $6 billion it achieved six months ago when it raised $250 million.

Reddit said it anticipated the participation of existing investors in the latest financing as well, which will likely cause the round to grow up to $700 million.

Steve Huffman, co-founder and Chief Executive Officer of Reddit revealed that the latest financing wasn’t planned, but that they were made an offer by Fidelity investments which they couldn’t refuse.

He also said that while Reddit is planning on going public, the company does not have a firm timeline there yet, remarking that “all good companies should go public when they can.”

The virtual town square of the consumer internet makes most of its money from advertising on the site but has to compete against digital advertising giants like Google, Facebook, and Amazon, as well as other ad-based social networking sites, including Twitter, Snap, and Pinterest.

“We’ve grown up in the shadow of Facebook and Google, and pretty much every dollar we make we’ve had to fight for,” Steve Huffman said.

Still, Reddit is growing its business at a rather rapid pace and improving its features, as well as advertising products. Reddit surpassed $100 million in quarterly revenue for the first time in the second quarter this year, up 192 percent year-over-year. Roughly, 52 million people now visit Reddit daily, and the site has more than 100,000 active subreddits. Earlier this year, the company said it planned to double its staff count by the end of 2021 to around 1,400 employees.

The company has also taken a serious approach towards making sure that the platform is free and appropriate for all to use;  it has removed racist, misogynist, and otherwise controversial communities, and also enacted new policies that make it more difficult for trolls to overrun the forums.

According to Reddit Chief Executive Officer, Steve Huffman, the new funding will be directed towards improving the site’s features and making the site easier for newcomers to use,

Reddit is also building its self-service advertising system, with which it aims to attract small and medium-size business marketers. Steve Huffman said he plans to change the US-focused nature of Reddit and expand the platform internationally.

Currently, the company’s priority is to improve Reddit; “the priority is just making Reddit awesome. We want to build what is best for new users because over time it will be best for everyone,” Steve Huffman said.

Total
0
Shares
Share 6
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Reddit Is Ready For An IPO, Submits Draft Registration Statement With The SEC To Go Public
    Reddit Is Ready For An IPO, Submits Draft Registration…
  • Reddit Launches Its Clubhouse Clone, Reddit Talk Just As Facebook Plans Its Own
    Reddit Launches Its Clubhouse Clone, Reddit Talk Just As…
  • Klarna Is Europe’s Most Valued Private Fintech After $639m funding Round
    Klarna Is Europe’s Most Valued Private Fintech After $639m…
  • Twitter Will Allow Users With At Least 600 Followers To Host Spaces
    Twitter Will Allow Users With At Least 600 Followers To Host…
  • Boston-based Thrasio Raises $1 Billion In Fresh Funding At $10 Billion Valuation
    Boston-based Thrasio Raises $1 Billion In Fresh Funding At…
  • eCommerce Startup Meesho Raises $570 Million At $4.9 Billion Valuation
    eCommerce Startup Meesho Raises $570 Million At $4.9 Billion…
  • India's Cars24 raises $400 million, now valued at $3.3 billion
    India's Cars24 raises $400 million, now valued at $3.3…
  • US Cybersecurity Firm Semperis Gets $200 Million In Funding
    US Cybersecurity Firm Semperis Gets $200 Million In Funding
Tags: Fundingredditsocial mediavaluation
Previous Post

Toshiba Corp Reports Q1 Earnings That Goes In Line With Expectations

Next Post

Poly Network Says More Than Half Of Stolen Assets Have Been Returned

Next Post
Poly Network Says More Than Half Of Stolen Assets Have Been Returned

Poly Network Says More Than Half Of Stolen Assets Have Been Returned

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round
  • Nigeria’s Healthtracka Raises $1.5 Million In Seed Funding

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$21,290.000.78%
  • ethereumEthereum(ETH)$1,224.302.20%
  • tetherTether(USDT)$1.00-0.03%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • binancecoinBNB(BNB)$237.971.56%
  • rippleXRP(XRP)$0.3640701.56%
  • Binance USDBinance USD(BUSD)$1.00-0.10%
  • cardanoCardano(ADA)$0.503.63%
  • SolanaSolana(SOL)$40.32-0.03%
  • dogecoinDogecoin(DOGE)$0.07385810.68%
  • polkadotPolkadot(DOT)$8.030.88%
  • Shiba InuShiba Inu(SHIB)$0.0000121.02%
  • AvalancheAvalanche(AVAX)$20.481.31%
  • matic-networkPolygon(MATIC)$0.590.61%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....