Reddit Inc, which has been at the heart of a recent social media-driven retail trading frenzy, said on Monday it raised more than $250 million in a new round of funding that has doubled its valuation to $6 billion.
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The social media company’s Chief Executive Officer, Steve Huffman, told the Wall Street Journal (WSJ) that it is a good market to raise funds.
“Valuations are very high right now. It never hurts to raise money when there’s an opportunity to do so and Reddit had a strong year,” Huffman was quoted as saying by the WSJ.
Reddit said in a blog post that advertising revenue increased 90 per cent in the last quarter from a year earlier.