Reddit raises $300M in financing round led by China's Tencent

Kenny Grant
February 14, 2019

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.

It is ranked among the most visited US Web sites, and has more than 138,000 "communities" for discussions on various topics.

"The Front Page of the Internet", or better known as Reddit has done quite well this investment round as Reddit.inc has said they are pleased to announced that they have managed to raise an additional $300 million in funding. Access to Reddit is blocked in China.

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.

Most analysts agree that it is unlikely Tencent or any other such investor would be able to control what content is posted on the site but that hasn't stopped a stream of memes and protest messages appearing in the past few days. Last week reports said that Tencent would be investing $150m (£115m) into the platform.

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Reddit CEO Steve Huffman told CNBC news outlet that Tencent invested 150 million dollars in the latest round of fundraising, along with other investors.

Tencent - which owns one of the biggest chat apps, WeChat, as well as popular games like League of Legends - values Reddit at $3 billion, according to Bloomberg.

To protest the move and express fears of free speech challenges on the site, Reddit users posted images which are banned in China, including the iconic Tank Man images from the Tiananmen Square massacre and pictures of Winnie the Pooh. Its last funding was on August 1, at a valuation of around $1.8 billion.

Users also often photos of Winnie The Pooh to poke fun of Chinese President Xi Jinping's appearance.

Spokeswomen for Reddit and Tencent declined to comment on the outcry from users.

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