General info on Reddit
About the company
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NameReddit
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IndustrySocial media, Advertising
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Employees501-1000
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Founding year2005
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About Reddit
Reddit is a California-based company running a social platform where users can discuss issues, share advice, and narrate experiences under dedicated communities or “subreddits.” The communities are monitored for malicious activity by Reddit moderators, who are not company employees.
The company was founded in 2005, and it’s one of the most popular websites, often called the “people’s forum.” Reddit came into the spotlight when the WallStreetBets subreddit members decided to buy GameStop and AMC Entertainment shares. Their move inflicted heavy losses on hedge funds that were shorting the stocks.
IPO Figures
So far, Reddit has filed preliminary IPO registration statements with the Securities and Exchange Commission. It has hired Morgan Stanley and Goldman Sachs for guidance.
According to Bloomberg, Reddit is one of the most expected IPOs of 2022, and it could reach a $15 billion valuation.
Valuation
Reddit has a $10 billion valuation.
Reddit: what you need to know
- Reddit’s ad business grew by 112% in the last two years
- It is backed by prominent investors such as Khaira Capital, Tencent, Vy Capital, Fidelity Capital
- It raised $1.3 billion in funding over nine rounds
Sources: crunchbase.com, businessofapps.com, finance.yahoo.com
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