Reddit, the so-called front page of the internet, has raised $50 million in Series B on a $500 million valuation with intentions to give back 10 percent of the round’s equity to the community. The monster round is led by Sam Altman, CEO of Y Combintaor, with participation from Andreesen Horowitz and Sequoia Capital, as well as individual investors like Peter Thiel, Ron Conway, Jared Leto (randomly), Calvin Broadus Jr. AKA Snoop Dog (also randomly), Josh Kushner, Jessica Livingston, Kevin and Julia Hartz, Mariam Naficy, and Reddit CEO Yishan Wong.
With more than 5 billion monthly page views and 115 million uniques each month, Reddit is one of the biggest content sharing sites in the world. According to the company blog post, the funding will go toward staff expansion for product development, community management, and better tools around moderation and community.
“I’m willing to be very patient. I don’t have any particular timeframe in mind. I believe that the community is very valuable and that the value will continue to increase.
Up to the company if they want to share cashflow details, but they run the company efficiently,” said investor Sam Altman in a Reddit post.
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