Reddit is trying to keep its momentum going after touting its massive growth.
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While early estimates put its valuation before the Series D round at $2.7 billion, depending on how much it ends up raising, valuation after the round could reach more than $3 billion, the report added.
Since launching in 2005, Reddit has raised around $250 million.
Neither Reddit or Tencent responded to FOX Business’ request for comment on the report.
But the funding news isn’t a surprise, as the site, which has dubbed itself as “the front page of the internet,” recently touted it massive growth.
In December, Reddit announced it had reached 1.4 billion video views per month, up 40 percent from two months earlier, while noting it launched its video player in August 2017.
What’s more, the site continues to grow its link-sharing forums with its 330 million monthly active users.