Reddit Is Raising Funds Valuing Startup at $1.7 Billion
- The link-sharing website bulks up with venture capital
- Snoop Dogg, Marc Andreessen, Peter Thiel among earlier backers
Steve Huffman, left, and Alexis Ohanian.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Reddit is one of the few relics of the mid-2000s internet that has not only survived but thrived in recent years. Now venture capitalists are giving a major boost to the link-sharing website, with funding that will give the company a valuation of about $1.7 billion, two people familiar with the matter said.
In recent weeks, Reddit Inc. was looking for investments totaling about $150 million, said one of the people, who asked not to be identified because the terms are private. A spokeswoman for Reddit said no funding had been finalized, declining to comment further.