The news comes after the discussion website confirmed to FOX Business that it has already raised $410 million in Series F funding, which the company expects to reach up to $700 million, as Business Insider first reported.
The funding round will be led by Fidelity Management and Research Company LLC. and other existing investors.
"We are optimistic and encouraged that not only are we resourced and capitalized to continue on our growth path, but also that our investors support our vision and want to deepen their stakes in our future," Reddit said in the blog post.
In the second quarter of 2021, Reddit reached $100 million in advertising revenue for the first time – a 192% increase in ad revenue compared to the second quarter of 2020.
The company announced in February that it had raised more than $250 million in Series E funding and had a valuation of $6 billion at the time.