Reddit will raise up to $700 million in a gathering pledge round drove by Fidelity Management, the web-based media network said on Thursday, capitalizing on a leap in its impact in the monetary world to significantly increase its valuation to more than $10 billion.
The organization said it had effectively raised $410 million from Fidelity in its second financing round since the beginning of the year when modest dealers accumulated on its foundation in their fight against Wall Street establishments.
While Reddit has been a notable web name for quite a long time, drawing in many specialists and devotees to its specialty conversation gatherings, it has limped along with other significant online media destinations as far as its advancement a business.
Reddit beat $100 million in promoting income without precedent for the subsequent quarter, a practically triple leap from last year’s similar period.
Its financial backers incorporate investment firm Andreessen Horowitz, assets like Sequoia Capital, Tencent Holdings (0700.HK) and rap genius Snoop Dogg.
