Tencent to lead US$300mn Reddit funding round

By BizClik Admin

Tech behemoth Tencent is set to be the lead investor in Reddit’s latest funding round which is seeking US$150-300mn to drive continued growth and operational resilience

Gizmodo said that the $150mn sought at the bottom end of Reddit’s fundraising aims will be supplied in full by Tencent, despite the fact that Reddit is not available in Tencent’s home country of China.

In a bid to diversify its revenue streams, Tencent, the world’s largest video game publisher by revenue and owner of China’s enormously successful WeChat super app, has slowly become a prolific investor over the past two years.

In 2017, Tencent invested in Snapchat developer and operator Snap, landing a 12% stake in the firm. 

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More recently, Indonesian ride-hailing leader Go-Jek closed its $1bn funding round with Tencent as a key backer alongside Google, Mitsubishi, and JD.com.

Across 2018, the company made a total of 163 investments, an increase over 2017’s 143.

Reddit stands to read a valuation of $3bn should it secure the full $300mn in this Series D funding round.

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