Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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.
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: