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Reddit closes US$50 million funding round

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.

 

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