SAN FRANCISCO — Reddit has raised $200 million in a new round of funding, which will be used for a website redesign and a focus on user-uploaded video, tech news outlet Recode reported Monday.
The influx of capital is courtesy of the some of the biggest Silicon Valley venture capital firms, including Andreessen Horowitz and Sequoia Capital. The company’s valuation is now at $1.8 billion.
Reddit is structured like a message board, allowing users to directly upload links and text posts, which are then discussed in communities, or subreddits.
In an interview with Recode, CEO Steve Huffman said the social news and entertainment website will not be seeking an IPO anytime soon.
“I think there are a lot of paths to liquidity,” Huffman said. “The one that we’re on often ends in an IPO. But we don’t have plans for that in the future that we can see.”
Instead, the money will go toward redesigning Reddit’s homepage, which bills itself as the “front page of the Internet.” Huffman showed Recode an early version of the design, which includes a feed akin to Twitter and Facebook. Content was then broken up into “cards” with more conversation underneath.
“We want Reddit to be more visually appealing,” Huffman said, “so when new users come to Reddit they have a better sense of what’s there, what it’s for.”
Reddit will also put money into video and possibly become a competitor for advertising dollars, according to Recode. The site recently launched a feature currently in beta that lets users upload video for the first time.
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