Reddit, which raised $250 million in new funding earlier this month, has now added greater than $116 million to the spherical, a TechCrunch report mentioned on Wednesday.
The report, which cited a brand new SC submitting, the net dialogue platform has elevated the Sequence E spherical funding to $366 million.
“The doc reveals that Reddit is aiming to boost as much as $500 million on this capital elevate,” the report mentioned on Monday.
Final month, the corporate mentioned it has “raised greater than $250 million in Sequence E funding from current and new buyers. We determined that now was the precise alternative to make strategic investments in Reddit together with video, promoting, client merchandise, and increasing into worldwide markets.”
The corporate mentioned that it’s “readying to double the variety of Reddit workers this yr”.
The brand new funding comes after a renewed public consideration on the platform the place subreddit r/WallStreetBets helped elevate the problem of GameStop inventory that rose and fell sharply.
Reddit is now in its sixteenth yr of operation with greater than 50 million every day customers. The corporate has raised practically $800 million so far, together with a Tencent-led $300 million Sequence D in February 2019.