Reddit valued at $ 6 billion after a new round of funding

Reddit buys Dubsmash video sharing app

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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 drawn attention for its role. in the recent Wall Street trading frenzy. Reddit said Monday 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 private market data provider. Current investors on Reddit also include venture capital firm Andreessen Horowitz and internet conglomerate Tencent Holdings Ltd. 700, + 0.75%.