On October 1,
, aol content sharing service Reddit has completed a new round of about $50 million in financing. Earlier in September, there are media reports the news about this round of financing.
it is important to note that Reddit this round of financing by the well-known business incubator Y Combinator President Sam Altman (Sam Altman) led. But he and other investors plan assigned to Reddit users will receive a 10% stake.
it is not clear, how they would undertake such allocation, and how to obtain the consent of the bankers and lawyers. But Mrs Altmann said, Reddit might use distributed accounting system, such as similar to the currency block chain distribution way to conduct such shares.
although most of the $50 million does not come from Mrs Altmann himself, but he dominated the Reddit this round of financing, and determine the financing terms. Other investors include Andreessen Horowitz and sequoia capital, and individual investors include Peter tal (Peter Thiel), Ron Conway (Ron Conway) and Paul hurt (Paul Buchheit) and so on.
sources said, after acquisition of Reddit, then the Advance of breakup will retain in Reddit a seat on the board, and owns more than half of the shares. Whereas Mrs Altmann said he would give up their holdings on behalf of the voting rights, and the right to vote to Reddit’s management team. He said: “for the community website, community always can create value, this value is not to the website itself.”
for this round of funding, Reddit, appear very low-key. Reddit, CEO of huang2 yi4 hill said: “such investment does not mean that we will be very rich or very successful. Upon completion of the round after a few days, altman came to our office to give me a 100 trillion Zimbabwe dollar bill. The difference between this reminds us that money and value. Money can depreciate soon, but we can gradually accumulated value through hard work.”
creation mountain said, Reddit will use this round of funding to increase product development, community management, management tool, move tool, and in the areas of personnel, advertising and gift products and pay the cost of the infrastructure. (d)