Reddit has reported a new funding round, which will increase its valuation to $10 billion, and provide it with the capital that it needs as it looks forward to the next stage of its overall development.
As explained by Reddit:
"We're making strategic investments to grow Reddit and our business, including expanding internationally, innovating new ways to foster community, and bolstering our advertising offerings and capabilities. We've been making a great deal of progress on all fronts - from hiring our first chief financial officer and building out a comprehensive finance function, to expanding internationally in the UK, Canada, Australia, and more countries to come."
The valuation underlines the rising potential of the platform, though it still remains significantly behind other social apps in this respect. Twitter, for example, has a market cap of $52 billion, while Snapchat is on $118b. As such, the valuation likely reflects the current state of the platform in the broader digital ads space - but as Reddit notes, it is working to boost its potential over time.
And those efforts are working. Reddit also notes that, this year, it registered its first $100 million advertising revenue quarter, which represents a 192% increase compared to the same period in 2020.
"We're also investing in our products, and diversifying the Reddit experience to include new ways for communities to connect through video and audio."
Indeed, Reddit sought to tap into the Clubhouse-led audio...
Read Full Story: https://www.socialmediatoday.com/news/reddit-now-valued-at-10b-with-new-funding-round/604947/
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