The company aims to expand internationally and bolster its advertising capabilities.
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Reddit, a discussion site known as the “front page of the Internet,” plans to raise $700 million in a new funding round for a post-money valuation of over $10 billion.
On Thursday, a blog post announced that the platform will raise the money in the company’s Series F funding round, which is being led by Fidelity Management and Research Company LLC. The round includes other previously existing investors.
“We are 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,” Reddit staff wrote in the post. “These efforts require us to grow our teams and make smart bets on how to make Reddit better, faster, easier to use, and more empowering for communities.”
Related: Successfully Scale Your Business by Marketing on Reddit, Instagram, and Facebook
The post highlighted other innovations from the company in recent months, including the hiring of its first chief financial officer, investments in products and a move to diversify the Reddit experience by including audio and video.
“We are optimistic and encouraged that not only are we resourced and capitalized to continue on our growth path, but also that our investors support our vision and want to deepen their stakes in our future,” the post added.
Related: 7 Tips To Building Your Own Authentic Community on Reddit