Economy

Reddit raises $300 million in finance round led by China's Tencent

Reddit raises $300 million in finance round led by China's Tencent

The funding comes from what is called a "series D funding round" and sees China's Tencent adding a considerable amount of fortune to the $300 million, infact the Chinese conglomerate threw in $150 million.

Founded in 2005 by two University of Virginia students, Reddit has continued to attract a loyal user base despite its relatively simple format, where users are invited to discuss just about any topic on more than 150,000 "sub-Reddit" forums.

Reddit has also actively worked to clean up the platform, once flooded with trolls and inappropriate content.

The social news site has 330 million active users and markets itself as the "Front Page of the Internet".

Along with sites like Facebook and Twitter, Reddit is inaccessible in China as part of the country's Great Firewall.

Tencent operates online games and popular WeChat social media service.

Ex-boyfriend held in death of woman in suitcase
She was bound at the feet and knees, and her hands were bound behind her back with appeared to be white twine and packing tape. According to The Journal, Reyes had taken her iPad, iPhone, clothes and bed sheets with her when she disappeared.

So the report prompted some concerns among the Reddit community that the site may even face content restrictions outside China in the future. The push appears to be achieving results, with the company's ad revenue reportedly exceeding $100 million for the first time past year.

Users also often photos of Winnie The Pooh to poke fun of Chinese President Xi Jinping's appearance.

One post that reportedly shared the infamous image of a man stopping a tank in Tiananmen Square wa up-voted over 200,000 times.

CNBC followed up Monday morning with an interview with Reddit's CEO Steve Huffman, who told the publication that his company was continuing to build out its ads business. A $150m investment represents a fraction of the site's value, which is thought to be worth as much as $2.7bn.

Tencent, however, is not the first Chinese tech giant that laid eyes upon Reddit.

"Tencent has invested in hundreds of companies and there's been little involvement or interest from China's state apparatus".


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