Reddit, the online message board where users can chat on a variety of topics, expects to raise $700 million in a new investment round. The company is worth over $10 billion on paper.
The company says it wants to use the money for “strategic investments,” especially internationally. In doing so, new ways to reach the Reddit community and enhance advertising opportunities should be developed. This will also create add-ons. The US financial services firm Fidelity Management and several former lenders, among others, invested in this round.
Earlier this year, Reddit also raised several hundred million dollars in an investment round and then appointed a CFO. Also, the platform has already expanded to the UK, Canada, and Australia. Other countries follow.
The online platform generated more than $100 million in ad revenue for the first time this quarter, according to Reddit. The Internet Forum also aims to develop new ways to connect communities through video and audio.
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