Reddit has raised $250 million in Series E funding led by venture capital firm Vy Capital. Other investors include Andreessen Horowitz, Sequoia Capital and Tencent.
The company will use the funding to make strategic investments in areas such as video, advertising, consumer products and international expansion. The proceeds will also be used to double its employee headcount this year, the company said.
In December, Reddit had acquired short-video platform Dubsmash to provide its users access to latter’s editing and short-video creation tools.
The company said it has also scaled up its advertising business, with direct advertising revenue increasing 90% in the last quarter from the year-ago period.
“We continue to invest in building and improving the ways people on Reddit connect — whether that’s traditionally through text-based discussions or through video or live streaming,” the company said in a blogpost.
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