China’s Tencent invests in Reddit, sparking protests | Digital

Andreessen Horowitz, Fidelity Investments and Sequoia Capital were among the other investors in the round. Reddit is ranked among the most visited …

Reddit, the social network that bills itself as “the front page of the Internet”, continued a recent growth spurt by raising $300 million in new funding from investors including China’s Tencent.

In the following days, users posted links to Reddit depicting imagery banned by Chinese censors.

The TechCrunch website reported about the funding round last week, but that information was unconfirmed until now.

Winnie the Pooh’s image is banned in China because users have mocked the character’s resemblance to China’s President Xi Jinping.

“We are the only company at our scale that is still a private company, so we have had a lot of investor attention in the previous year”, Reddit chief executive Steve Huffman told CNBC.

Founded in 2005, Reddit has consistently drawn an avid, young core user base, with 50% of its 330 million monthly active users between ages 18-24.

Reddit users were quick to question the move as the site is now blocked in China due to the country’s notorious censorship laws.

Reddit’s CEO, Steve Huffman, told CNBC on Monday that values the privately held company at $3 billion. Andreessen Horowitz, Fidelity Investments and Sequoia Capital were among the other investors in the round. Reddit is ranked among the most visited USA websites, and has more than 138,000 “communities” for discussions on various topics.

The free speech campaign by Reddit users may ensure that remains the case for some time.

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