Reddit’s valuation nearly doubles to $10 billion in just 6 months after a new $700 million fundraise

In February 2019, Reddit was valued at $3 billion following a funding round. Then exactly a year later, Reddit raised $250 million in new funding, doubling its valuation again to $6 billion. The doubling didn’t end there.

Today, Reddit is now valued at $10 billion after the popular aggregation site raised another $700 million in a fundraising round led by Fidelity Management. Reddit’s other backers include venture capital firm Andreessen Horowitz, funds such as Sequoia Capital, Tencent Holdings, and rap superstar Snoop Dogg.

You may be wondering where this valuation is coming from. The best way to know is to look at the numbers. Reddit is killing it. The social platform raked in $100 million in advertising revenue for the first time in the second quarter, almost a threefold jump from the same period last year.

Reddit has been growing exponentially since its inception 16 years ago. Today, Reddit has almost 2 billion in monthly traffic. The social news aggregation, web content rating, and discussion website has now grown to become the 18th-most-visited website in the world and 7th most-visited website in the U.S., according to Alexa Internet data as of February 2021

Co-founded in 2005 by Alexis Ohanian, Reddit is a social news aggregation, web content rating, and discussion platform. As of October 2020, Reddit ranks as the 17th-most-visited website in the world and the 7th most-visited website in the US, according to Alexa Internet.

Reddit is an online platform, enabling its users to submit links, create content, and have discussions about the topics of their interest. As of January 2021, Reddit had more than 52 million daily active users and over 100,000 communities, dwarfed by Facebook’s nearly 2 billion daily active users in June or Twitter’s 206 million monetizable daily active users, a term for users who see the ads placed on their platforms.