Reddit has grown its appeal to advertisers with 330 million monthly active users, half of whom are between the ages of 18 and 24, a valuable, hard-to-reach demographic.
But Huffman said the company has invested in better technology to catch abuse and better tools for its users to report it. Since Reddit was founded in 2005, it has drawn criticism and concerns over abuse, harassment and piracy on the platform. He said Reddit's commitment to advertisers is to make that connection "free from abuse and other kinds of misbehaving." "One of the things that's been very important to us is that we can now assure advertisers that you are going to have a positive experience on Reddit and potentially even a new experience, a new way of connecting with customers," Huffman said. Reddit CEO Steve Huffman sat down with CNBC for an interview to discuss the financing and what's next for the company. News that Reddit was raising a round with Tencent as an investor was previously reported by TechCrunch. With this financing, the company says it plans to expand internationally and grow its ad platform, targeting the market dominated by Facebook and Google.
That's up from a $1.8 billion valuation when the company took in a $200 million in investment in 2017.Ĭhinese giant Tencent is the newcomer in this series D round, investing $150 million and joining prior investors in the company. The company announced Monday it has raised $300 million at a $3 billion valuation.
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