Reddit Valuation News Today

The niche social network can be valuable to advertisers, but spending needs to come down.

According to a Bloomberg report, Reddit, which is eyeing an initial public offering (IPO) launch, has told prospective investors that it signed the deal, worth $60 million on an annualised basis.

Reddit Ai Content Licensing Deal: Reddits IPO, which has been in the works for over three years now, would be the first IPO of a major social media company since Pinterests (PINS.N) debut in 2019.

Reddit intends to spend the cash to develop its advertising business, expand internationally and add video tools, the company said in a statement.

The funding round was led by venture capital firm Vy Capital.