Reddit, the 12-year-old, San Francisco-based online contention height that has prolonged called itself the “front page of the internet,” just sealed its biggest turn ever, from a whole lot of investors, reports Recode.
Andreessen Horowitz, Sequoia Capital, Coatue Management, Vy Capital, Fidelity, Y Combinator President Sam Altman, and SV Angel’s Ron Conway all chipped into the $200 million financing. The company’s post-money valuation: $1.8 billion.
All investors owned a prior interest in the company, save for Coatue, Vy Capital and Fidelity.
The collateral will be used to redesign Reddit’s famously cluttered homepage, co-founder and CEO Steve Huffman tells Recode. The company also plans to flow some-more resources into user-uploaded video.
Bloomberg had reported in midst Jun that Reddit was in talks to lift $150 million in appropriation at a gratefulness of $1.7 billion.
Huffman co-founded Reddit with associate University of Virginia classmate Alexis Ohanian and the two sole the company to publisher Condé Nast roughly one year later, in the tumble of 2006. Condé Nast’s primogenitor company, Advance Publications, after spun the company off as an eccentric company, maintaining a large interest when Reddit lifted $50 million in 2014, led by Altman.
At the time, Reddit was led by Yishan Wong, a former engineering executive at Facebook. He left late in 2014 following a feud with the board. Wong was rather famously transposed by former Kleiner Perkins Caufield Byers financier Ellen Pao, who stayed just eight months in the role, leaving after users targeted her over the exclusion of a renouned judge on the platform. (Ohanian, who alluded to personification a role in the dismissal, after apologized, observant the company didn’t hoop the conditions well.)
Huffman, who co-founded the online transport company Hipmunk in the interim, returned to Reddit as CEO, where he stays today.
Part of Huffman’s concentration has been on generating some-more income for the company. Since 2009, it has sole promotion two ways: by managed and self-serve ads. (This hasn’t always been an easy sell, as the company doesn’t need much information from its purebred users.)
According to Bloomberg, the company recently began experimenting with several other forms of promotion formats, as good as with a reward subscription service.
According to Recode, Advance still owns a infancy interest in Reddit.
Featured Image: REUTERS/Robert Galbraith