Reddit has raised $ 250 million in a Series E donation round, the company said on Monday evening.
The social media site, which has been attended by both new and existing investors but whose names have not been revealed, is planning, according to a blog post.
According to the Wall Street Journal, that means Reddit plans to employ a total of 1,400 people by the end of 2021 and is now valued at $ 6 billion.
“Time and again we have seen the power of community and connection alongside the growth and development of these communities and the people behind them,” said Monday’s announcement.
The blog post made no mention of the GameStop pump, although a Super Bowl ad the company bought for the game on Sunday night explicitly referred to it, “One thing we learned from our communities last week , is that outsiders can achieve almost anything when they come together around a common idea. “
Reddit hasn’t discussed its current financial position, but noted in Monday’s announcement that it sees over 50 million users every day, and said its direct ad revenue increased 90% in the most recent quarter compared to the final quarter of 2019.
“We continue to invest in building and improving the way people connect on Reddit – be it traditionally through text-based discussions or through video or live streaming,” the blog post said.
While Monday’s announcement didn’t mention its recent crypto forays, it comes just under two weeks after the company expanded its partnership with the Ethereum Foundation in hopes of “getting Ethereum into Reddit production.”
