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(Reuters) – Reddit Inc, which has been at the heart of a recent social media-driven retail frenzy, said on Monday it had raised more than $ 250 million in a new round of funding that doubled its valuation to $ 6 billion.
The CEO of the social media company, Steve Huffman, told the Wall Street Journal (WSJ) that it was a good market to raise money. on.wsj.com/2N5U62
“Valuations are currently very high. It never hurts to raise money when there is an opportunity to do so and Reddit has had a good year, ”said Huffman as quoted by the WSJ.
Reddit said in a blog post that ad revenue increased 90% in the last quarter compared to the previous year. bit.ly/3p37uC3
Report by Rama Venkat in Bengaluru; Edited by Devika Syamnath
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