Reddit is blocked in China, but that isn’t stopping one of the country’s largest technology firms, Tencent from making a massive investment to help keep the “Internet’s front page,” moving full speed ahead.
Reddit is said to be raising between $150 million and $300 million as part of a Series D fundraising round led by Tencent. The round is being raised at a pre-money valuation of $2.7 billion, and depending on how much Reddit raises, could push the company past a $3 billion valuation, according to TechCrunch, which first reported news of the fundraising round.
Reddit users were quick to point out the irony of Tencent and Reddit joining forces.
Meanwhile, others warned that all social media is one big “surveillance engine.”
The money is pocket change for Tencent, which has a market value of $427 billion. While it may seem ironic that one of China’s most beloved companies is investing in a site that is blocked in the country, it’s not the first time Tencent has invested in American social media. The company also owns a stake in Snapchat, another service that is blocked by China’s Great Firewall.
Reddit has 330 million monthly users and more than 150,000 active Subreddits, the areas where people gather to talk about niche topics, where people congregate around the good, the bad, and the ugly on the internet.
Reddit declined to comment on the fundraising round, however one user had a humble request for how the company might use a future windfall.