Reddit gets $50 million in funding, will share bounty with community
In classic Reddit style, the popular link-sharing site announced Tuesday not only that it's raised $50 million in Series B funding, but also that it plans to give back 10 percent of the equity to the community itself.
Reddit, the so-called front page of the Internet, used its blog to confirm the funding round, which was widely reported earlier this month. As expected, prominent venture capital firms Andreessen Horowitz and Sequoia Capital took part in the round.
But it was spearheaded by Sam Altman, president of Y Combinator -- the incubator that originally helped launch Reddit. Other investors include Peter Thiel, Ron Conway, Paul Buchheit, Jared Leto, Jessica Livingston, Kevin and Julia Hartz, Mariam Naficy, Josh Kushner, Calvin Broadus Jr. -- also known as Snoop Dogg -- and Reddit CEO Yishan Wong.
