Reddit raised $250 million in a late-stage funding round, which was led by venture-capital firm Vy Capital, according to reporting from The Wall Street Journal.
This latest funding round has doubled Reddiit's valuation, which is now at roughly $6 billion. In February of 2019, the company was valued around $3 billion, per PrivateBook.
"We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets," Reddit said in a statement on its website.
Jim Cramer said he has been reading on Reddit since 2011. Watch the video above to hear where he sees value in the platform.
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