Reddit is now valued at $1.8 billion after their latest round of funding. According to Recode, the company will be going on a hiring spree and redesigning their website:
Reddit has raised $200 million in new venture funding and is now valued at $1.8 billion, according to CEO Steve Huffman.
The new funding round, the company’s largest ever, should expedite a number of internal product and business efforts, including a redesign of its homepage and its first foray into user-uploaded video, Huffman added in an interview with Recode.
The money comes courtesy of a number of well-known Silicon Valley investors, including firms like Andreessen Horowitz and Sequoia Capital, and individual investors like Y Combinator President Sam Altman (also a board member) and SV Angel’s Ron Conway. It also includes money from the hedge fund Coatue, investment firm Vy Capital and mutual fund giant Fidelity.