Reddit raises $300 million in finance round led by China's Tencent

Roman Schwartz
February 14, 2019

"Given that Reddit just took a $150 million investment from a Chinese censorship powerhouse, I thought it would be nice to post this picture of Winnie-The-Pooh before our new glorious overlords decide we can not post it anymore", the post read.

US social media site Reddit Inc. said Monday it has raised 300 million USA dollars in Series D round led by China's internet giant Tencent Holdings Ltd., which pushed the company's market valuation to 3 billion dollars. The push appears to be achieving results, with the company's ad revenue reportedly exceeding $100 million for the first time previous year.

Reddit plans to use the funding to expand internationally and grow its ad platform.

"We are the only company at our scale that is still a private company, so we have had a lot of investor attention in the previous year", Reddit chief executive Steve Huffman told CNBC.

The announcement prompted criticism of Reddit for linking itself with a company from China, where the ruling Communist Party enforces extensive online censorship.

Ironically, Reddit has been blocked in China since August (as is Google and Facebook, part of the country's "Great Firewall" of censorship).

Opec tightens its taps as global oil demand stalls
That is still slightly more than the expected 2019 demand for OPEC crude, which the producer group lowered to 30.59 million bpd. The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day.

Half the new money came from Tencent, Asia's most valuable tech company.

Users also often photos of Winnie The Pooh to poke fun of Chinese President Xi Jinping's appearance.

Reddit has been on a roll lately, growing its audience to 330 million monthly active users generating 14 billion page views in 2018.

Reddit is also known for "ask me anything" sessions with well-known people such as Microsoft co-founder Bill Gates and former United States president Barack Obama.

Reddit is now unavailable in China, as are some of Tencent's other Western media investments: The company's investment arm holds a significant stake in Snapchat's corporate parent Snap, and owns around 40% of Epic Games.

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