Social Mixer 2024 Singapore
marketing interactive Content360 Singapore 2024 Content360 Singapore 2024
marketing interactive

Reddit closes US$50 million funding round

share on

Reddit announced on its blog this Tuesday that it has closed a new US$50 million round of outside funding. It was led by Sam Altman, president of Y Combinator, along with participation from Sequoia Capital's Alfred Lin and Andreessen Horowitz's Marc Andreessen.Other notable investors in this round include the likes of Peter Thiel, Ron Conway, Snoop Dogg, Jared Leto, Jessica Livingston, Kevin and Julia Hartz, Paul Buchheit, Maria Naficy, Josh Kushner, and Yishan Wong.Reddi made known that even with 2013's staff hires, the company still found that it was understaffed and as a result, only able to work on essential features.Now with the US$50 million, Reddit plans to hire more staff for product development, expand its community management team, build out better moderation and community tools, work more closely with third party developers to expand mobile offerings, and pay for its growing technical infrastructure, amongst other initiatives in order to support the growing global internet community. 

share on

Follow us on our Telegram channel for the latest updates in the marketing and advertising scene.
Follow

Free newsletter

Get the daily lowdown on Asia's top marketing stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's marketing development – for free.

subscribe now open in new window