Reddit to start charging for access to its API
According to the report, Reddit is seeking avenues to monetise its extensive collection of user-generated content.
Reddit, which raised $250 million in new funding earlier this month, has now added more than $116 million to the round, a TechCrunch report said on Wednesday.
The report, which cited a new SC filing, the online discussion platform has increased the Series E round funding to $366 million.
“The document shows that Reddit is aiming to raise up to $500 million in this capital raise,” the report said on Monday.
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Last month, the company said it has “raised more than $250 million in Series E funding from existing and new investors. We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets.”
The company said that it is “readying to double the number of Reddit employees this year”.
The new funding comes after a renewed public attention on the platform where subreddit r/WallStreetBets helped raise the issue of GameStop stock that rose and fell sharply.
Reddit is now in its 16th year of operation with more than 50 million daily users. The company has raised nearly $800 million to date, including a Tencent-led $300 million Series D in February 2019.
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