Reddit just bagged an impressive $250m in funding, upping its valuation to $6b – double its worth just two years ago. The news aggregation platform has over 50 million daily active users and its advertising revenue rose by 90% in Q4 2020.
The company, which has proven to be quite the stock market influencer (hello, GameStop retail traders!), said they would use the funding to “make strategic investments” in areas such as video, advertising and consumer products, as well as doubling their headcount this year alone.
The San Francisco-based firm also took advantage of its newfound fame to buy a Super Bowl ad, in which they dubbed themselves as “underdogs.” At $6b, they are far from underdogs, but this stance is part of their appeal.