Reddit hopes to be worth $10 billion after investment round

Reddit hopes to be worth $10 billion after its most recent investing round. The latest investment round of 700 million dollars should help with that. Just over half of that amount, $450 million, is said to have already been collected.

Reddit announced at the beginning of this year that it wants to grow in several domains. The social network wanted to reach multiple international markets, give more prominence to audio and video, expand advertising opportunities and meet the needs of the communities on the platform.

To achieve these goals, the company raised more than $250 million in an investment round and continued to build its workforce and organizational structure. After the then investment round, the value of the company was estimated at six billion dollars. That was double compared to the previous year.

Reddit expects to raise more than $700 million in a new investment round. If that goal is met, the company will be worth more than $10 billion. Reddit told TechCrunch that it has already raised $410 million.

At the end of 2020, Reddit first announced how many daily users the platform has. There were 52 million in October of last year, which was 44 percent more than in 2019. By comparison, Facebook had 1.82 billion daily active users during that same period. Twitter had 187 million daily active users.