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Reddit announced Monday that it has raised $300 million at a $3 billion valuation, up from a $1.8 billion valuation in 2017, when the company took in a $200 million investment.

Expand chart
Data: News reports; Chart: Harry Stevens/Axios

Why it matters: Reddit has focused its efforts over the past year on cleaning up its platform to build a better advertising model.

  • The 23-year-old social platform has been criticized in the past for lax regulation around hate speech, piracy, harassment, and even more recently, election interference — things advertisers don't like to be associated with.

Between the lines: Reddit has roughly 330 million monthly active users (MAUs), which means it's about the same size as Twitter — but its efforts to monetize those users haven't been great yet.

By the numbers: CNBC reports that the company's annual revenue is roughly $100 million, meaning each user is worth around 30 cents. By comparison, average revenue per MAU, as of the fourth quarter of 2018...

  • Facebook: $7.37
  • Twitter: $2.83

A big part of Reddit's value to advertisers is the demographic of its audience, which is mostly users ages 18–34. On its website, Reddit says 63% of its users are under 25 and 87% are under 35.

The big picture: The company has pushed aggressively over the past year to both clean up its site and focus on more lucrative advertising opportunities, primarily video.

  • The company said last year that it was averaging over 1 billion native video views and almost 1 million video uploads each month on its platform.
  • It credits a recent redesign for being a significant driver for adoption for both video creators and consumers, saying that the redesign helped foster 50% increase in video posts over the "old" Reddit.

Tune in: Reddit co-founder Alexis Ohanian will sit down with Axios' Dan Primack today on his Pro Rata podcast. Follow Dan on Twitter to check it out once it's posted this afternoon.

Go deeper: Reddit's rising popularity as a news platform

Go deeper

Updated 51 mins ago - World

2 Americans accused of helping Ghosn escape in Japanese custody

Former Nissan chair Carlos Ghosn during a news conference in Jounieh, Lebanon, last September. Photo: Hasan Shaaban/Bloomberg via Getty Images

Two Americans accused of helping former Nissan chair Carlos Ghosn flee Japan in a box in 2019 were taken into Japanese custody after arriving at an airport near Tokyo Tuesday, per the Wall Street Journal.

Why it matters: The extradition of Michael Taylor, 60, a private security specialist and former Green Beret, and his son Peter Maxwell Taylor, 27, ends a months-long fight to remain in the U.S.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.