Reddit's valuation is now approaching $2 billion
The San Francisco-based website raised $200 million from big-name Silicon Valley investors Andreessen Horowitz, Sequoia Capital, Coatue Management, Vy Capital, Fidelity, Y Combinator President Sam Altman, and SV Angel's Ron Conway, reports Recode.
Reddit CEO Steve Huffman told Recode the money will be used to expedite the streamlining of the website's famous home page, as well as to help Reddit break into the world of user-uploaded video.
"Reddit feels old. We don't want to be associated with old," Huffman told Recode.
Reddit was launched in 2005, and still looks almost exactly the same. According to Recode, the new home page will have a similar feel to Facebook's News Feed. Huffman explained that the goal is for new users to be able to visit the site for the first time and immediately understand its purpose.
The push into user-uploaded video will also allow Reddit to get in on valuable video advertising dollars. Currently, the company is not profitable.
Correction: July 31, 2017
A previous version of this story said Huffman compared Reddit's new homepage to Facebook's. It was Recode that made this comparison, not Huffman.