Reddit ups Series E round by another $116 million
Reddit, which announced a $250 million Series E earlier this month, has added over $116 million to the financing event, upping the round’s most recent total to $367 million, according to a new SEC filing. The document shows that Reddit is aiming to raise up to $500 million in this capital raise.
A Reddit spokesperson confirmed the news, saying that the new capital is from ”new and existing investors.” They offered no specifics on names. The spokesperson did confirm that the new capital did not come with a new valuation, keeping the platform at its previously announced valuation of $6 billion pre-money.
Reddit is a 16-year-old company with over $800 million in known venture funding. It has been in the spotlight for the past few months, with co-founder Alexis Ohanian resigning over moderation concerns, to, more recently, its role in the election and the meteoric rise of GameStop’s stock due to the subreddit r/WallStreetBets.