Since its previous financing round in February, the popular social media network Reddit has grown in value by $4 billion. The company got $250 million in Series E investment at a valuation of $6 billion six months ago.
The New Investment Round
On Aug. 12, Reddit announced a Series F fundraising round headed by Fidelity Management and Research Company LLC. The round is projected to conclude at about $700 million and a post-money valuation of $10 billion.
According to the New York Times, the funding round has raised $410 million. Additionally, Reddit anticipating more money from current investors to meet the $700 million goals.
Funds To Improve Reddit
The latest funding will help expand internationally, simplify the user experience, improve website functioning, add additional video and audio capabilities, and build a self-service advertising system.
“We’ve grown up in the shadow of Facebook and Google, and pretty much every dollar we make we’ve had to battle for,” Huffman says of the platform, which competes with ad-based social media heavyweights like Facebook and Twitter.
Reddit Community Points
In contrast to Facebook and Google, Reddit has already created its cryptocurrency, Reddit Community Points.
The 3.3 million-strong r/CryptoCurrency subreddit has its cryptocurrency called r/CryptoCurrency Moons (MOON). In January, one user sold 14,000 Moons he had received for free to pay his rent.
MOON is now more expensive than Dogecoin (DOGE). DOGE is currently trading at $0.27, while MOON is trading slightly higher at $0.29, according to CoinGecko.
