Reddit, founded in 2005, had 52 million daily active users and 100,000 subreddit communities as of January, according to Reuters. Reddit also reached $100 million in advertising revenue for the first time in the second quarter of 2021, which is a 192% increase compared with the same period last year. In February, shortly after the Reddit-fueled GameStop saga, the social media site completed a capital raise that doubled its valuation to $6 billion. The company said it had already raised $410 million from Fidelity in its second funding round since the start of the year when small-time traders gathered on its platform in their battle against Wall Street institutions. Reddit announced on Thursday it will raise up to $700 million in a Series F fundraising round led by Fidelity Management, giving it a valuation of over $10 billion, more than triple what it was worth in February 2019.
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