Business

Reddit raises $300M in finance round led by China’s Tencent


SAN FRANCISCO — Social media service Reddit Inc. says it has raised $300 million in a financing round led by Chinese internet giant Tencent.

Reddit’s CEO, Steve Huffman, told CNBC on Monday that values the privately held company at $3 billion.

Half the new money came from Tencent, Asia’s most valuable tech company. Other investors included Sequoia, Fidelity, Andreessen Horowitz, Quiet Capital, VY and Snoop Dogg.

The announcement prompted criticism of Reddit for linking itself with a company from China, where the ruling Communist Party enforces extensive online censorship. Access to Reddit is blocked in China.

Tencent operates online games and popular WeChat social media service. It owns 40 per cent of “Fortnite” creator Epic Games and 15 per cent of photo service Snap.



Source link

Related posts

Stamps.com crashes nearly 50% after discontinuing partnership with USPS

admin

Chinese hackers increase attacks on telecoms companies

admin

ole Signs José Feliciano to Record Puerto Rican Anthems in Support of the Flamboyan Arts Fund

admin

Morning Headlines | Business News

admin

Slammed for hailing acquittal of Pipili rape accused, Odisha agriculture minister Pradeep Maharathy resigns

admin

Rand falls to 3-month low in global selloff

admin

Leave a Comment