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Reddit Raises $50m To Expand Staff And Mobile Operation

Social news site Reddit has raised $50m from stars such as rapper Snoop Dogg and actor Jared Leto, in a deal that will see investors giving 10pc of their shares back to the site's user community. The funding was led by Sam Altman, president of Y Combinator, the incubator that originally helped launch Reddit. The nine-year old service plans to use the funding to expand its staff of about 60, to work better with third-party developers, and to expand its mobile app, among other things.

Read the whole story at The Daily Telegraph »

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