Reddit, the popular social news aggregation, web content rating and discussion
website that bills itself as "the front page of the internet," is valued at $1.5 billion.
Reddit's management team is pitching venture capitalists to secure $150 million in financing based on a $1.5 billion valuation,
Bloomberg
reported. There has been no official confirmation of plans, terms of any deals are private and a spokesperson for the online
platform confirmed no deal has been finalized as of yet.
Reddit is among a small handful of popular websites from the mid-2000s that survived the test of time and remains popular today.
But behind the scenes, management has struggled to implement a sustainable business model and the company hired a controversial CEO Ellen Pao who was
simultaneously combating a gender discrimination suit against her former employer, Kleiner Perkins Caufield & Byers.
Nevertheless, Reddit appears to be confident enough to secure the necessary financing to move forward under the leadership of
its current CEO and co-founder Steve Huffman. Prior investors include Peter
Thiel, Marc Andreesen, Jared Leto and Sam Altman.
According to Alexa, Reddit is ranked as the fourth most popular website in the United States. Only Google.com, Youtube.com
(parent company for both, Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL)) and Facebook.com (parent company Facebook Inc (NASDAQ:
FB)) rank higher. However, among the four websites, Reddit
boasts the highest daily time on site at 16 minutes and 38 minutes, versus 8:11 for Google.com, 9:13 for Youtube.com and 10:54 for
Facebook.com.
Reddit is also ranked as the eighth most popular website in the world, data from Alexa also shows.
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