Reddit Raises Even More
Mike Isaac (via Hacker News):
Reddit, the virtual town square of the consumer internet, has raised a fresh $410 million in funding, valuing it at more than $10 billion, the company said on Thursday.
The financing, which was led by Fidelity Investments, increases Reddit’s valuation from the $6 billion it achieved six months ago, when it raised $250 million. Reddit said it expected existing investors to participate in the latest financing as well, so the round is likely to grow and close out at around $700 million.
[…]
Reddit surpassed $100 million in quarterly revenue for the first time in the second quarter this year, up 192 percent from the same period in 2020.
More than 50 million people now visit Reddit daily, and the site has more than 100,000 active subreddits.
On a visitor perspective, this seems undervalued. This is a 50% or more discount to the market-cap/unique visitor ratio of Twitter, Snap, and Facebook. And all the stats I’ve seen indicate much higher user engagement and time on site for Reddit compared to the other social platforms.
The biggest issue is of course that their monetization is horrible. Like 95% lower per user than the other socials.
Previously:
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I dont enjoy spending much time at Reddit. The conversation level is somewhere between 6th grade and freshman college, with wacko responses in every conversation. They aint getting my cash.
And yet their "modern" website is still totally broken on mobile, and horribly designed when it's working.
"And all the stats I’ve seen indicate much higher user engagement and time on site for Reddit compared to the other social platforms.
The biggest issue is of course that their monetization is horrible. Like 95% lower per user than the other socials."
These two items are not unrelated.
