SAN FRANCISCO (AP) — 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.
Most Read Business Stories
- Boeing chief engineer at center of 737 MAX crisis retires
- Flight operations chief at Horizon Air raises alarm over pilots' safety culture
- It's crunch time for Seattle-based photo giant Getty Images, and for photographers
- Boeing 777X's fuselage split dramatically during September stress test
- Hemp industry is cleared to do business with banks
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.