Reddit Raises $300 Million In New Funding Round Led By Tencent 02/13/2019


"Given that Reddit just took a $150 million investment from a Chinese censorship powerhouse, I thought it would be nice to post this picture of Winnie-The-Pooh before our new glorious overlords decide we can not post it anymore", the post read.

Hong Kong-listed technology giant Tencent Holdings Ltd (HK:) is investing $150 million in USA discussion platform Reddit, according to Techcrunch that cited multiple unnamed sources. Its last funding was on August 1, at a valuation of around $1.8 billion.

Reddit said it plans to use the capital to expand internationally and grow its ad business, targeting the market dominated by Facebook and Google.

China has a strict internet censorship regime known as the Great Firewall and Reddit is among the sites it blocks.

Huffman said Tencent has invested in lots of video games companies, and video games are a popular category on Reddit, a social news and media aggregation company based in San Francisco, Northern California.

Winnie the Pooh has also been blocked at times on Chinese social media sites as bloggers compare the cartoon character to the country's President Xi Jinping.

Reddit was cofounded by Alexis Ohanian, husband of tennis superstar Serena Williams.

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.

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.

The site boasts that, on average, more than 330 million people use it each month, contending that half of those users range in age from 18 to 24 years old.

Reddit is also known for ask-me-anything sessions with well-known people such as Microsoft Corp cofounder Bill Gates and former United States president Barack Obama.