Last week TechCrunch reported that Reddit was raising $150 million from Chinese tech giant Tencent and up to $150 million more in a Series D that would value the company at $2.7 billion pre-money or $3 billion post-money. After no-commenting on our scoop, today Reddit confirmed it’s raised $300 million at $3 billion post-money, with $150 million from Tencent.
The deal makes for an odd pairing between one of the architects of China’s Great Firewall of censorship and one of America’s most lawless free-speech forums. Some Redditors are already protesting the funding by trying to post content that would rile Chinese’s internet watchdogs, like imagery from Tiananmen Square and Winnie The Pooh memes mocking Chinese President Xi Jinping’s appearance.
The round brings the Conde Nast-majority owned Reddit to $550 million in total funding. Beyond Tencent, the rest of the round came from previous investors potentially including Andreessen Horowitz, Sequoia, and Fidelity. Apparently frustrated that we had disrupted its PR plan, Reddit …read more
Source:: Tech Crunch Funding and Exits