Reddit raises $300 million financing mostly from Tencent

Reddit raises $300 million financing mostly from Tencent

 

 

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

 

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

 

Half the new money came from Tencent, Asia’s most valuable tech company. Other investors also include 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.

ALSO READ: Tencent Stages Strong Comeback Despite Earlier Storms This Year

Tencent operates online games and popular WeChat social media service. It owns 40 percent of ‘Fortnite’ creator Epic Games and 15 percent of photo service Snap

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