Reddit has successfully cemented itself in the lives of millions across the globe, so with that mindshare (and daily eyeballs), it’s not surprising that’s valuable.
In the latest round of funding, Series F, Reddit managed to raise a fresh US$410 million, which places a massive valuation on the company as more than US$10 Billion.
Dubbed ‘the front page of the internet’, Reddit recently opened its Australian office in July 2021, its first in the Southern Hemisphere.
After first announcing the Series E round earlier this year, Reddit didn’t stop, moving straight into Series F. The company says they’re making strategic investments to grow Reddit and our business, including expanding internationally, innovating new ways to foster community, and bolstering our advertising offerings and capabilities.
These efforts require the growth of teams and engineering investments to make Reddit better, faster, easier to use, and more empowering for communities. Most people think of Reddit as a website or service, but at the heart of it, Reddit is a business that’s maturing, and the new investment will help propel them into the future.
Back in March they hired their first chief financial officer and are building out a comprehensive finance function, to expanding internationally in the UK, Canada, Australia, with more countries to come.
This year Reddit marked its first $100 million advertising revenue quarter (Q2 2021), representing a 192% increase compared to the same period last year. We all know that in 2021, video engagement is exploding, so unsurprisingly, we can expect more from Reddit when it comes to audio and video in the future.
Reddit sayts they are now well resourced to continue growth, thanks to their new Series F funding, led by Fidelity Management and Research Company LLC. and including other existing investors.