Social media platform and news aggregator Reddit has closed a $200 million round at a valuation of $1.8 billion, as first reported by Recode. Silicon Valley heavyweights Andreessen Horowitz and Sequoia participated in the funding. The company had previously raised over $50 million since its 2005 founding, hitting a $500 million valuation in 2014. The new funding marks Reddit’s official entry into the unicorn class of 2017.
The San Francisco-based company plans to use the funds to augment its video efforts and give its website a makeover, as much of its code is more than a decade old. As for any potential exit, Reddit CEO Steve Huffman told Recode he hasn't begun focusing on a possible IPO or sale just yet.
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