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Online discussion site Reddit has nabbed its largest funding round ever, raising $200 million from a group of Silicon Valley heavyweights including Andreessen Horowitz and Sequoia Capital, as well as individual investors like Y Combinator's Sam Altman, who sits on Reddit's board. and a few other investment and mutual funds. CEO Steve Huffman told Recode that the additional cash will go towards internal product and business efforts, including a homepage redesign, a more mobile-friendly design and a push into user-generated video.

Why it matters: Reddit has grown its audience steadily over the past three years, despite a leadership shakeup in 2014 and a few complicated moments surrounding free speech and alt-right groups on the platform. The new investment shows investors believe Reddit can continue to grow despite these setbacks.

Expand chart

Data: comScore; Chart: Chris Canipe / Axios

But where's the exit?: Axios' Dan Primack notes that a big question remains as to how these investors ever get out. Huffman says liquidity could lead to many paths, but it's unclear the type of investor that would want to eventually buy Reddit. Huffman suggests an IPO as a possibility But while Reddit has grown its traffic steadily over the past few years, the company hasn't scaled its monetization businesses to meet that bandwidth, and traders care even more about revenue than VCs.

Go deeper

Mike Allen, author of AM
2 hours ago - Politics & Policy

Biden's "overwhelming force" doctrine

President-elect Biden arrives to introduce his science team in Wilmington yesterday. Photo: Kevin Lamarque/Reuters

President-elect Biden has ordered up a shock-and-awe campaign for his first days in office to signal, as dramatically as possible, the radical shift coming to America and global affairs, his advisers tell us. 

The plan, Part 1 ... Biden, as detailed in a "First Ten Days" memo from incoming chief of staff Ron Klain, plans to unleash executive orders, federal powers and speeches to shift to a stark, national plan for "100 million shots" in three months.

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear. Read episode 1.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.