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.
Data: comScore; Chart: Chris Canipe / Axios