On Monday, the popular social network Reddit announced that it has raised $300 million in its series D funding round, which was led by the China-based Tencent Holdings, thus enabling the company to achieve a market valuation of $3 billion.
The latest funding round witnessed a comeback from the company’s former investors such as Sequoia, Fidelity, Tacit and Snoop Dogg.
The news of Reddit taking an investment from a Chinese company went absolutely viral on the internet five days ago due to the rising of loads of serious questions in regards to the censorship concerns on the website, which is popularly recognized for being an uncensored social network. The platform is, however, banned in China due to some censorship issues.
Keeping aside the most recent funding, the San-Fransisco based tech company has so far managed to raise more than $250 million in financing over the course of the previous three funding rounds. The company was valued at $1.8 billion in its series C funding round which took place on August 1st. As of now, more than 20 high-profile investors are a part of Reddit which also includes Advance Publications, the owner of Conde Nast which presently serves as the parent company of Reddit.
Recently, when a hacker somehow managed to get into the company’s systems and access private data which includes a list of current email addresses as well as a database backup of old encrypted passwords ranging back to the year 2007, a rather severe backlash had emerged against Reddit. However, soon after, the company debunked all of the rumors that were going around by saying that the hacker just managed to attain read-only access to a few systems that comprised of the backup data.
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