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Illustration: Aïda Amer/Axios

Reddit said Monday that it raised more than $250 million in Series E funding from existing and new investors. Sources say the company raised the new funding at a $6 billion pre-money valuation.

Why it matters: The company has doubled its valuation since its last funding round of $300 million at a $3 billion valuation in 2019.

Data: News reports; Chart: Andrew Witherspoon/Axios

Be smart: It's a great time for Reddit to raise money. The company is experiencing record downloads and traffic amid the populist revolution on Wall Street that was seeded by retail investors on Reddit.

  • In January, Reddit’s mobile app saw 6.6 million installs globally, up 43% month-over-month from about 4.6 million in December, per Sensor Tower — it's best month ever.
  • The company said in December they have 52 million daily active users.

Details: In a statement, the company said it will use the funds to make more strategic investments in Reddit "including video, advertising, consumer products, and expanding into international markets."

  • In December, Reddit acquired Dubsmash, the short-form video app akin to TikTok.

Go deeper:

Go deeper

24 mins ago - World

Biden huddles with European allies on Ukraine ahead of Putin call

Putin in the Kremlin. Photo: Grigory Sysoyev/Sputnik via Getty

President Biden will seek to convince Russia's Vladimir Putin in a phone call Tuesday that the price of invading Ukraine would be steeper than anything he's faced in the past.

Driving the news: Biden held a call on Ukraine this evening with the leaders of France, Germany, Italy and the U.K., while Secretary of State Tony Blinken called Ukrainian President Volodymyr Zelensky to offer America's "unwavering support."

Justice Department closes Emmett Till murder probe

A faded photograph is attached to the headstone that marks the gravesite of Emmett Till in Burr Oak Cemetery in Chicago. Photo: Scott Olson via Getty Images

The family of Emmett Till announced Monday that the Department of Justice has formally closed its second investigation into the 1955 murder of Emmett Till.

Why it matters: The DOJ reopened the probe in 2018 after the white woman at the center of the case reportedly recanted her allegation that Till, a Black 14-year-old, sexually harassed her prior to his murder.

GOP Rep. Devin Nunes to retire, will be CEO of Trump media org

Rep. Devin Nunes. Photo: Dylan Hollingsworth/Bloomberg via Getty Images

Rep. Devin Nunes (R-Calif.), who serves as the top Republican on the House Intelligence Committee, will retire at the end of the year and become CEO of Trump's new media organization.

Why it matters: Nunes, once considered a moderate member of the party, became one of the fiercest defenders of former President Donald Trump throughout both of Trump's impeachments and the Intel committee's Russia investigation.

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