Reddit did wonders for GameStop and AMC Entertainment stocks during the throws of the COVID-19 pandemic, and now the website is raising (even more) massive amounts of capital for itself.
In a Thursday blog post, Reddit said it will “raise up to $700 million” in the company’s Series F funding, which is being led by Fidelity Management and Research Company LLC. The latest round also includes other previously existing investors.
That capital is based on a post-money company valuation of “over $10 billion,” Reddit said. Yeah, that’s “10” with a “10” and “billion” with a “B.”
“We are making strategic investments to grow Reddit and our business, including expanding internationally, innovating new ways to foster community, and bolstering our advertising offerings and capabilities,” the blog post read.