Business Standard

Reddit to raise funds, pegging start-up value at $1.7 billion

Despite the site's popularity, Reddit has struggled to find a sustainable business model

Reddit founders, Reddit
Premium

Reddit founders Steve Huffman (left) and Alexis Ohanian

Alicia Ritcey & Jenn Zhao | Bloomberg
Reddit is one of the few relics of the mid-2000s internet that has not only survived but thrived in recent years. Now venture capitalists are giving a major boost to the link-sharing website, with funding that will give the company a valuation of about $1.7 billion, two people familiar with the matter said.
 
In recent weeks, Reddit was looking for investments totaling about $150 million, said one of the people, who asked not to be identified because the terms are private. A spokeswoman for Reddit said no funding had been finalised, declining to comment further.

Steve Huffman and Alexis Ohanian founded

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in