Reddit, which announced a $ 250 million Series E earlier this month, added more than $ 116 million to the fundraising event, bringing the cycle’s most recent total to $ 367 million, according to a new SEC filing. The document shows that Reddit aims to raise up to $ 500 million in this capital increase.
A spokesperson for Reddit confirmed the news, saying the new capital came from “new and existing investors.” They did not offer any details on the names. The spokesperson confirmed that the new capital did not come with a new valuation, keeping the platform at its previously announced valuation of $ 6 billion before the money.
Reddit is a 16-year-old company with over $ 800 million in known venture capital funding. It has been in the spotlight in recent months, with the resignation of co-founder Alexis Ohanian for reasons of moderation, for, more recently, his role in the election and the meteoric rise of GameStop’s stock due to sub- reddit r / WallStreetBets.