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.READ MORE: Former Presidential Candidate Andrew Yang Touts Basic Income at Mountain View Rally
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.READ MORE: National Park Service Proposes Parking Fees at Popular Bay Area Beaches
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.MORE NEWS: CVS Stores Roll Out Pfizer Booster Shots Across Bay Area
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