Social Media, Advertising
Reddit is an American social news, web content rating, and discussion website. The idea and development of the website came from then college roommates at the University of Virginia Steve Huffman and Alexis Ohanian in 2005. They launched Reddit in June 2005, and in November the same year, the team expanded to include Christopher Slowe.
On October 31, 2006, Huffman and Ohanian sold Reddit to Conde Nast Publications for a reported $10 million - $20 million, and the team moved to San Francisco.
Reddit grabbed investors' attention after traders on the subreddit r/WallStreetBets led to the rise of meme stocks like AMC and GameStop in early 2021.
We can name Khaira Capital, Fidelity Management and Research Company, Tencent, Sequoia Capital among its investors.
No clear data about Reddit's IPO is available, but it has filed preliminary IPO registration statements with the SEC, and has hired Morgan Stanley and Goldman Sachs to guide the company through the process.
Reddit has raised $1.3 billion in funding over nine rounds. The latest funding was raised on August 12, 2021, from a Series F round of $410 million.
According to Bloomberg, Reddit could seek a valuation as high as $15 billion.
Basic info about Reddit
- On December 13, 2020, Reddit acquired the short-form video social platform Dubmash
- It has won three Guinness World Records for the Latest Gift Exchange
- Reddit Has Influenced the Stock Market – the r/wallstreetbets subreddit took a turn in the spotlight in January 2021 when many users bought stocks in GameStop, which was performing poorly after a user plunged $50,000 into the company. The group managed to boost GameStop's share price, with the news hitting the headlines and many amateur investors jumping on board
Sources: Bloomberg.com, crunchbase.com, nytimes.com
ipo_quick_overview Reddit ipoReddit
sneak_peak Reddit ipo sneak_peak