Reddit raises $116 million more

San Francisco: Online public discussion forum Reddit that raised $250 million in Series-E funding earlier this month has now added more than $116 million to the round. According to TechCrunch citing a new SC filing, Reddit has increased the Series E round funding to $366 million.

"The document shows that Reddit is aiming to raise up to $500 million in this capital raise," the report said on Monday. The company, now in its 16th year of operation with more than 50 million daily users, has raised nearly $800 million to date, including a Tencent-led $300 million Series D in February 2019.

"We have raised more than $250 million in Series E funding from existing and new investors. We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets," the company had said last month. The company said that it is "readying to double the number of Reddit employees this year".

The new funding comes after a renewed public attention on the platform where subreddit r/WallStreetBets helped raise the issue of GameStop stock that rose and fell sharply. Reddit said that it continues to invest in building and improving the ways people on Reddit connect. Its more recent developments include acquiring the short-form video platform Dubsmash to bring highly-polished video creation tools to its platform and encourage under-represented creators to find a home on Reddit.