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Reddit Raises $250 Million to Hit $6 Billion Market Value After Stock Frenzy
Posted
February 9, 2021
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February 9, 2021
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0:51Now PlayingReddit Inc. said it raised $250 million from private investors, riding a wave of attention after users of the social media website drove a stock market frenzy.
Terms of the funding, led by Vy Capital, push the company’s valuation to $6 billion, a spokeswoman said. Reddit intends to spend the cash to develop its advertising business, expand internationally and add video tools, the company said in a statement. The deal was reported earlier by the Wall Street Journal.
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