Tencent Posts $150 Million for Forum Platform Reddit

Reddit Raises $300 Million At $3 Billion Valuation, With Tencent Among Backers

The series D funding round saw a $150 million investment from Tencent and the company's former investors, including Sequoia, Fidelity, Tacit and Snoop Dogg.

Tencent Holdings Ltd. has led a $300 million funding round in the USA forum site Reddit Inc., following its 2017 investment in another rival Snap Inc.

The TechCrunch website reported the funding round last week, but that information was unconfirmed until now.

Reddit plans to use the funding to expand internationally and grow its ad platform.

While it seems unlikely that Tencent and other investors would be able to control what gets posted on Reddit, it did not stop a number of users from protesting it.

Reddit is now unavailable in China, as are some of Tencent's other Western media investments: The company's investment arm holds a significant stake in Snapchat's corporate parent Snap, and owns around 40% of Epic Games.

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

More news: Confirmed: Ser Pounce is officially dead

Both Snap and Reddit are banned in China, along with Facebook, Google and Twitter.

Winnie the Pooh's image is banned in China because users have mocked the character's resemblance to China's President Xi Jinping.

Founded in 2005 by University of Virginia students Steve Huffman and Alexis Ohanian, Reddit likes to think it's the "front page of the internet".

The amount Tencent is investing in Reddit. Reddit is ranked among the most visited United States websites and has more than 138,000 "communities" for discussions on various topics.

Reddit has more than 330 million average monthly active users, with 14 billion screenviews per month, as of November 12, 2017, it said on its website.

Reddit is also known for ask-me-anything (AMA) sessions with well-known people such as Microsoft co-founder Bill Gates and former U.S. president Barack Obama.

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