It hit 1,000 employees last quarter, and hopes to add another 400 by the end of this year. The community platform is also expanding like crazy. It acquired a short-form video social platform Dubsmash in December. Reddit Talk, a live conversation feature, is currency in alpha testing. Video is becoming an increasingly significant part of Reddit’s business, a spokeswoman tells me, and they’re continuing to build out its existing video and audio offerings for creators and viewers. “To go out successfully, there’s a lot of work between here and there and a lot of things we need to do,” Huffman recently told the Wall Street Journal.Įither way, Reddit has its hands full with plans for the fresh capital.
He’s been discussing it again this year after hiring Vollero, and now with the fresh round of funding. Back at the end of 2017, he said it was inevitable, and that it may happen by 2020. Huffman has been mentioning it’s in the cards for years. It’s no secret Reddit has been planning for it. Then there’s former Instagram exec Timo Pelz, Duolingo’s Laura Nestler, and Bank of America’s Allison Miller.Īll the above begs the question: Is Reddit going to IPO already? Not to mention, Reddit has made several key hires this year: It brought on Drew Vollero as CFO, who helped take Snap public. The social media platform has sure had its moment in the spotlight this year, particularly with the r/WallStreetBets and GameStop debacle-which, by the way, led to Reddit CEO Steve Huffman testifying before the House Financial Services Committee, where he tenderly pointed out that he was proud of Redditors for raising “important issues about fairness and opportunity in our financial system,” even though they may look “sophomoric or chaotic from the outside.” As a reminder, Sequoia Capital, Tencent Holdings, and Andreessen Horowitz are some of its other large backers. That would bring the company a $10 billion valuation-up from $6 billion in February. Reddit announced yesterday that it had raised $410 million in funding led by Fidelity Investments it’s planning to reel in another $290 million from pre-existing investors (and potentially some new ones, too) to finish off the Series F round.
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