Reddit, which is the self-declared internet's front page, has raised an additional $410m in funding. The final round of funding will bring the total to $700 million. As it prepares for public disclosure, the company is continuing to clean up its operations, eliminating racist, misogynist and other controversial communities.Reddits CEO Steve Huffman, co-founder of Reddits, said that they are still planning to go public. However, he did not have a timeline. All great companies should be public whenever possible.For a $6 billion valuation, the company raised $250 million in funding previously this year. Huffman said that Fidelity Investments approached the company with the latest financing round and made an offer they couldn't refuse.Reddit's advertising revenue is the largest source of its income. Although it is a small company compared to Google and Facebook, Reddit is growing rapidly. According to Reddit, it earned $100 million in advertising revenue during the second quarter 2021, an increase of 192 percent over the previous year. For context, Google's second quarter saw $61.9 billion, mainly from Search and YouTube advertising.Reddit now boasts 52 million daily users, compared to 1.85billion daily Facebook users and more than 100,000 sub-reddits. Reddit announced earlier this year that it would double its staff by 2021 to 1,400 employees.Huffman stated to the Times that new funding would be used for site users who are first time users, and to help communities expand internationally.
