Reddit Raises $300M in Finance Round Led by China's Tencent - NBC Bay Area
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Reddit Raises $300M in Finance Round Led by China's Tencent

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    LOS ANGELES, CA - JULY 31: CEO of Reddit Alexis Ohanian attends WORLDZ Cultural Marketing Summit 2017 at Hollywood and Highland on July 31, 2017 in Los Angeles, California. (Photo by Jerod Harris/Getty Images for PTTOW!)

    San Francisco-based social media service Reddit Inc. says it has raised $300 million in a financing round led by Chinese internet giant Tencent.

    Reddit's CEO, Steve Huffman, told CNBC on Monday that values the privately held company at $3 billion.

    Half the new money came from Tencent, Asia's most valuable tech company. Other investors included Sequoia, Fidelity, Andreessen Horowitz, Quiet Capital, VY and Snoop Dogg.

    The announcement prompted criticism of Reddit for linking itself with a company from China, where the ruling Communist Party enforces extensive online censorship. Access to Reddit is blocked in China.

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    Tencent operates online games and popular WeChat social media service. It owns 40 percent of "Fortnite" creator Epic Games and 15 percent of photo service Snap.

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