Reddit confirms its first international office will soon be in Dublin

… led by the Chinese giant Tencent, as well as American venture capitalists Andreessen Horowitz and the investment funds Fidelity and Sequoia.

The self-declared ‘front page of the internet’ is setting up an office in Dublin after securing major Chinese funding.

About two years ago, the first rumours surrounding the possibility that Reddit would open a Dublin office began circulating. These came after a job was posted online advertising a position in Dublin for trust and safety specialists/policy enforcement, but since then all has remained quiet.

According to AFP (via Phys.org), the company has now confirmed the opening of a Reddit office in Dublin later this year, marking its first outside of the US. In a brief statement, the company said: “Reddit is currently planning to open an office in Dublin in 2019 and we are actively recruiting to build out our team.”

Details of where the new office will be and how large it is haven’t been made public yet, but the previously advertised roles from 2017 remain, albeit with a significantly more marketing-friendly name: ‘anti-evil operations specialist’. Their job would be to moderate the enormous streams of content posted to the website, a role that has recently been shown to be a seriously challenging task at other social media outlets.

The announcement follows one of the major milestones in Reddit’s history after it secured $300m in Series D funding led by the Chinese giant Tencent, with participation from American venture capitalist Andreessen Horowitz and investment funds Fidelity and Sequoia. Following the funding announcement, Reddit is now valued at $3bn, up from $1.8bn in 2017.

According to CNBC, the company brought in an estimated $100m in revenue last year from its 330m monthly users due to its appeal with the holy grail for advertisers: those aged between the ages of 18 and 24. However, the decision by Tencent to invest in the platform raised eyebrows, considering Reddit is banned in China.

Reddit CEO Steve Huffman has said that Tencent’s interest in Reddit is partly due to it having numerous gaming communities in multiple boards on the site, known as subreddits. Tencent owns a 40pc stake in Epic Games, the company behind the smash hit Fortnite.

The Reddit homepage. Image: Pixinooo/Depositphotos

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Reddit Raises $300M in Funding

The round, which valued the company at $3 billion, was led by Tencent, with participation from Sequoia, Fidelity, Andreessen Horowitz, Quiet Capital, …

redditReddit, a San Francisco-based social media platform, raised $300m in funding.

The round, which valued the company at $3 billion, was led by Tencent, with participation from Sequoia, Fidelity, Andreessen Horowitz, Quiet Capital, VY and Snoop Dogg.

Led by co-founder and CEO Steve Huffman and Chief Operating Officer Jen Wong, Reddit is a social media service aiming to be home of thousands of communities, conversation, and authentic human connection.

It works by allowing every day millions of people around the world to post, vote, and comment in communities organized around their interests. The community can share content by posting stories, links, images, and videos, comments on posts, which can be upvoted or downvoted.

The site has 330M+ monthly active users generating 14 billion average screenviews per month.

FinSMEs

15/02/2019

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To attract direct response advertisers, Reddit adds more performance tools

Reddit just closed a $300 million funding round at a $3 billion valuation with Tencent, Sequoia, Fidelity and Andreessen Horowitz. Its total funding is …

Reddit is working to lure performance-obsessed advertisers with new tools.

After releasing cost-per-click buying last month, Reddit has launched app install as a campaign objective for CPC buying and an improved conversion pixel. Reddit’s pixel can track eight conversion events, breaks out view-through and click-through conversations and allows for attribution windows of 1, 7 or 28 days. Prior, it only tracked one event and didn’t allow much else.

These moves are part of Reddit’s ongoing improvements of its ad platform as it attempts to attract more ad dollars. Last year, Reddit made some strategic hires like Time Inc. alum Jen Wong as COO and held agency roadshows to help advertisers use the platform. Reddit’s vp of marketing and business development, Roxy Young, told Digiday at CES the company plans to be more “proactive” in its own marketing efforts, as well. Reddit just closed a $300 million funding round at a $3 billion valuation with Tencent, Sequoia, Fidelity and Andreessen Horowitz. Its total funding is now $550.1 million.

Zubair Jandali, Reddit’s vp of brand partnerships, said CPC ads, an app install objective and an improved pixel should further help the company attract more advertisers.

“Any one of these products in isolation isn’t compelling itself but taken together is what makes it especially exciting. It’s not about the piecemeal. It’s the combination of what [advertisers] look for,” Jandali said.

When Jandali joined Reddit in January 2015, the company was focused on brand awareness campaigns as they built out the rest of the ad infrastructure. Reddit launched a new self-serve platform in March 2017 and slowly has made the buying experience more like Facebook, Google and other ad platforms. Last month, Reddit hired Shariq Rizvi to lead the performance engineering team.

These types of improvements are necessary for some advertisers. Gustaf Stenlund, digital marketing manager at analytics platform Give It A Nudge, said he had stopped using Reddit because of its lack of tools for direct response advertisers.

“I think Reddit launching CPC ad units, along with more granular reporting, ad targeting and campaign management tools, is a super interesting move. They’re effectively forcing advertisers to look at them as a serious option for their advertising mix,” said Stenlund.

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Job search marketplace Hired started advertising on Reddit in June 2014 given the platform’s audience of early tech adopters and has increased its spending there over the years. Hired was part of the beta for CPC bidding.

“Performance marketers in the current age no longer value buying on risky CPMs alone. The CPC bidding structure allows us to reach an audience of engaged users who spend a lot of time on subreddits who we might not find on other social media channels with lower engagement,” said growth marketing manager Chase Gladden.

Indeed, 2018 Comscore data shows that 17 percent of Reddit users don’t use Facebook; 28 percent don’t use Twitter; 33 percent don’t use Instagram; 43 percent don’t use Snapchat.

AccuWeather also was enticed by Reddit’s audience but was less willing to test ads there, until now. AccuWeather’s marketing manager Benjamin Burgess said he told his agency Fetch that he’d like to test Reddit last year to supplement its focus on Apple and Google search. But the agency said Reddit didn’t have much to offer for mobile acquisition. Reddit later approached Fetch and AccuWeather about beta testing its now released app install campaign objective.

“As an app that makes all its money off of advertising, we can’t acquire at a rate like a dating or a gaming app can. We have to be pretty tight with [budgets]. I was excited to try Reddit, and I’d like to go back and figure out how to make it more cost effective,” Burgess said.

Advertisers said they would like to see more improvements from Reddit this year for managing and optimizing campaigns. Hired’s Gladden said he’d like the option to buy on cost per acquisition and be able to use bulk editing tools to more easily scale campaigns.

“Our plan is to make big changes to all the layers of our ad product: the targeting layer, measurement layer, the billing options and so on. We have a really ambitious road map. We want to keep optimizing our ads for two things: the ROI and the relevance of these ads for our users,” Rizvi said.

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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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Reddit Now Worth $3 Billion Thanks to Chinese Tech Giant Tencent

Reddit raised the other $150 million from a number of other high-profile investors, including Fidelity, Sequoia, Andreessen Horowitz, and Snoop Dogg.
reddit-worth-$3-billion-thanks-to-tencent

Reddit aka “the front page of the internet” is now worth a whopping $3 billion following a recent investment round that saw its value increase by $300 million. Half of that amount came from none other than Chinese tech giant Tencent Holdings, a company that seems to have a finger in every pie these days. Reddit raised the other $150 million from a number of other high-profile investors, including Fidelity, Sequoia, Andreessen Horowitz, and Snoop Dogg.

The fact that Tencent decided to invest in another major company isn’t really newsworthy in and of itself. However, what makes this particular investment so odd is that Reddit has been banned in China for some time. Things get even stranger when you consider that Tencent owes a lot of its huge success as a company to the infamous Great Wall of China. This is the very same censorship system that prevents Chinese users from accessing websites like Reddit, Facebook, YouTube, and Skype, among many others.

Tiananmen Square Massacre and Winnie the Pooh

Reddit has always been a place where users could freely share any information they wanted as long as they abided by some very basic rules, which tend to differ from thread to thread. Unsurprisingly, Tencent’s recent move caused a lot of backlash among redditors, many of whom fear that their beloved platform may soon be subject to extreme censorship. Although that’s not very likely to happen as long as Reddit continues to be based in the US, their fears are not entirely unjustified.

The Chinese government is infamous for banning any sort of content that might challenge the status quo. This includes pictures of the 1989 Tiananmen Square pro-democracy protests, which were violently suppressed by the government and lead to the deaths of around 10,000 civilians. Needless to say, images of the Tiananmen Square Massacre can land you in hot water in China even today. As expected, however, those exact images were shared by tens of thousands of Reddit users these past few days.

Another thing that can get you in trouble in China is sharing pictures of Winne the Pooh. As strange as that may seem, the lovable cartoon bear was banned in the country in 2017. Winnie sort of resembles the Chinese president Xi Jinping and the government was apparently fed up with all the people who were comparing the two on social media. Similar to the Tiananmen Square pictures, images of Winnie the Pooh blew up on Reddit ever since news broke that Tencent is investing in the platform.

Tencent is Bigger Than You May Think

$150 million seems like a lot of money to invest in a platform that you can’t even access from your own country, but that’s virtually just pocket change for Tencent. The Chinese tech giant is worth well over $500 billion and constantly growing thanks to its subsidiaries across a large variety of industries. The company has a hand in everything ranging from web services and entertainment to artificial intelligence and gaming. In total, Tencent owns stakes in hundreds of different companies, including a few well-known US-based ones like Snapchat, Tesla Motors, Activision Blizzard, and Epic Games.

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