Reddit Says It Is Worth $10B, Files To Raise Another $700M

deadline.com:

Citing progress on a number of fronts, Reddit announced this morning it plans to raise an additional $700 million, valuing the company at more than $10 billion.The late-stage Series F financing round will be led by Fidelity Management and Research and will involve other existing investors in the company.

The influx of funding will help subsidize investments in advertising, international expansion and staffing, the company said in a blog post.“We are optimistic and encouraged that not only are we resourced and capitalized to continue on our growth path, but also that our investors support our vision and want to deepen their stakes in our future,” the post added.The privately held social platform said it had its first $100 million advertising