Reddit raises $250 million in funding, valuation doubles to $6 billion

Reddit has raised $250 million in Series E funding from existing and new investors, amid renewed attention for the role in one of its communities — wallstreetbets — in the recent US stock market frenzy.

The funding round, led by venture capital firm Vy Capital, saw Reddit’s valuation double to $6 billion, according to The Wall Street Journal. Other Reddit investors include Andreessen Horowitz, Sequoia Capital and Tencent.