Reddit expects to raise up to $700 million at over $10 billion valuation

Reddit, the San Francisco-based online bulletin board and forum, has raised $410 million in Series F funding at a valuation of more than $10 billion led by Fidelity, with existing investors also participating. It expects to raise up to $700 million.

Why it matters: Reddit raised $250 million at a $6 billion valuation just six months ago.

The bottom line: "The move gives Reddit more of a war chest to build its business and attract new users," the New York Times' Mike Isaac writes.

• "The company makes most of its money selling advertising, which appears in the feeds of users who browse the many 'subreddits,' or topic-focused forums, across the site. But Reddit must compete against digital advertising giants like Google, Facebook and Amazon, as well as other ad-based social networking sites, including Twitter, Snap and Pinterest."