Reddit to begin fundraising as valuation set at $1.7 billionBy Robin-Leigh Chetty 19 June 2017 | Categories: news
Reddit is reportedly looking for investors. According to Bloomberg, the social media forum has begun fundraising in a bid to earn the company a $1.7 billion valuation. With the front page of the internet as popular as it has ever been in recent years, the move is likely prompted by the desire to expand its services and offerings.
To that end, an estimated $150 million in funding is being touted, with a Reddit spokesperson noting to Bloomberg that a precise funding figure has not been detailed at this stage.
While Reddit still remains popular among its devoted user base, the company has found it difficult to nail down a viable business model, along with suffering from a revolving door of CEOs helming the organisation, as well as gender discrimination issues.
With an improved valuation of the company being one aspect of this most recent fundraising effort, it should prove interesting to see if the potential $150 million will be put towards redesigning the website, as well as ensuring that hate communities are governed by stricter regulations.
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