Reddit Raises $300 Million at $3 Billion Valuation

Screen capture from Reddit

Chinese tech giant Tencent has invested 150 million US dollars in American online forum site Reddit, with the social news aggregator confirming Monday that it attracted 300 million USA dollars in a fundraising round that values the company at more than three billion US dollars.

Executives will use the new funding to bolster the capabilities and functionality of the company's platform as they seek to make it more friendly to advertisers.

Much of that criticism has come from Reddit users.

"Reddit is now funded by Chinese investors, so let's remember that President Xi Jinping is so insecure in a meme that he banned Winnie the Pooh nationwide", wrote Redditor kproxurworld, referring to China's ban on the A. A. Milne character after people claimed the character held a physical resemblance to Xi Jinping.


The funding comes from what is called a "series D funding round" and sees China's Tencent adding a considerable amount of fortune to the $300 million, infact the Chinese conglomerate threw in $150 million. The Reddit platform allows users to share links on any conceivable subject, which are then up-or down-voted, meaning the most popular content surfaces to the top and is more prominent.

The social news site has 330 million active users and markets itself as the "Front Page of the Internet". Chinese tech giant Tencent, the parent company of China's largest social network WeChat, is the lead investor, contributing half of the total financing. A report last week by technology website TechCrunch signaled Tencent's interest. Chinese authorities also blocked references to the date of Tiananmen Square Massacre such as "4 June" and "six four".

Steve Huffman, Reddit's co-founder and CEO, told CNBC that Tencent's investments in video games - a popular content category on Reddit - is part of what brought the companies together.

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