Reddit raises $250 million at $6 billion valuation

Reddit said Monday that it raised more than $250 million in Series E funding from existing and new investors. Sources say the company raised the new funding at a $6 billion pre-money valuation.Why it matters: The company has doubled its valuation since its last funding round of $300 million at a $3 billion valuation in 2019. Data: News reports; Chart: Andrew Witherspoon/AxiosBe smart: It's a great time for Reddit to raise money. The company is experiencing record downloads and traffic amid the populist revolution on Wall Street that was seeded by retail investors on Reddit.In January, Reddit’s mobile app saw 6.6 million installs globally, up 43% month-over-month from about 4.6 million in December, per Sensor Tower — it's best month ever.The company said in December they have 52 million daily active users. Details: In a statement, the company said it will use the funds to make more strategic investments in Reddit "including video, advertising, consumer products, and expanding into international markets."In December, Reddit acquired Dubsmash, the short-form video app akin to TikTok.Go deeper: How Reddit explains the GameStop sagaReddit traders' real-world positive consequencesSEC says it will "closely review" restrictions on Reddit-fueled stocksThe unprecedented stock market craziness, in one chartWall Street's own populist revolt

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