SAN FRANCISCO (CBS SF / AP) — Social media service Reddit Inc. of San Francisco 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.

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.

© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.

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  1. Craig Yates says:

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