Reddit Inc. doubled its valuation to $ 6 billion in a new round of funding that comes as the social-media company has added users through the COVID-19 pandemic and more recently has gained attention for its role in the recent Wall Street trading frenzy.
Reddit on Monday said it raised $ 250 million in a late-stage funding round led by venture-capital firm Vy Capital. Previously it was valued at $ 3 billion after its last funding round in February 2019, according to PitchBook, a provider of private-market data. Current investors in Reddit also include venture-capital firm Andreessen Horowitz and internet conglomerate Tencent Holdings Ltd. 700, +0.75%.