Reddit, the online message board where users can chat about various topics, expects to raise $700 million in a new investment round. The company is worth more than $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 must be developed, and advertising opportunities strengthened. This will also create additional jobs.
The American financial service provider Fidelity Management and several previous lenders, among others, invested in this round.
Earlier this year, Reddit also raised several hundred million dollars in an investment round and then hired a financial director. Also, the platform has already expanded to the United Kingdom, Canada, Australia. Other countries follow.
The online platform generated more than $100 million in ad revenue for the first time in the quarter, according to Reddit. The internet forum also aims to develop new ways of connecting communities through video and audio.