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The social networking site says it plans to double its staff, as well as build “videos, advertisements, consumer products” and other promotional efforts.
“We have raised more than $250 million in Series E funding from existing and new investors. We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets. “
According to the Wall Street Journal, this means Reddit plans to bring the total number of employees to 1,400 by the end of 2021. Reddit Chief Executive Steve Huffman said about this decision:
“Valuations are very high right now. It never hurts to raise money when there’s an opportunity to do so and Reddit had a strong year.”
