Reddit is worth over $10 billion

Reddit, an overseas community, announced on August 12 (local time) that it would raise $700 million in funding led by investment advisory Fidelity Management & Research, and reported that its corporate value had exceeded $10 billion.

In its Q2 payments report, Reddit reported that ad revenue in the same period surpassed $100 million, up 192% year-over-year. The increase in advertising revenue is estimated to be driven by investment in features and diversification, and this is the first time that Reddit advertising revenue has exceeded $100 million. The investment also made Reddit worth more than $10 billion.

Reddit, like Google, Facebook, and Twitter, uses advertising revenue as its main source of income. Immediately after Reddit raised $250 million in funding led by Fidelity Management & Research in February, Reddit also announced a plan to double the number of daily active users to 52 million as of January 2021, doubling the number of employees from 700 at that time.

Reddit is focused on making Reddit easier to see for new users, while raising funds and improving features. In addition, it plans to strengthen the advertising system and attract small and medium-sized enterprises (SMEs) advertisements. CEO Hoffman said that he wanted to build an optimal product for new users, and said that although the schedule is undecided, it is also planning to go public. Related information can be found here.