Get All Access for $5/mo

Reddit Seeks to Raise $700 Million in a New Funding Round The company aims to expand internationally and bolster its advertising capabilities.

By Chloe Arrojado

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

Chloe Arrojado

Entrepreneur Staff

Editorial Assistant

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Marketing

SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.