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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

House sends anti-Asian hate crimes bill to Biden's desk

Asian Coalition of Massachusetts organizer Fiona Phie takes a moment of silence after placing an offering among flowers, candles and incense to honor those who have experienced violent anti-Asian hate crimes. Photo: Erin Clark/The Boston Globe via Getty Images

The House voted 364 to 62 on Tuesday to pass the COVID-19 Hate Crimes Act and send it to President Biden's desk, who has said he will sign the measure into law.

Why it matters: Introduced by Rep. Grace Meng (D-N.Y.), the bill is Congress' first substantial effort to address the rise of anti-Asian hate this past year, which has included stabbings, sexual assault and elder abuse.

Feds investigating alleged scheme to illegally finance Collins’ reelection bid

Sen. Susan Collins. Photo: SARAH SILBIGER / Getty Images

The FBI is investigating what it describes as a massive scheme to illegally finance Sen. Susan Collins' 2020 reelection bid, Axios has learned.

What's happening: A recently unsealed search warrant application shows the FBI believes a Hawaii defense contractor illegally funneled $150,000 to a pro-Collins super PAC and reimbursed family members' donations to Collins' campaign. There's no indication that Collins or her team were aware of any of it.

Mapped: Confederate monuments over time

Data: Southern Poverty Law Center; Note: There are some monuments with unknown dedication dates and they are not represented in the bar chart; Map: Michelle McGhee/Axios

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