Link Sharing Website Reddit Is Raising Funds At a Valuation Of $1.7 Billion

American social news aggregation, web content rating and discussion website Reddit is looking to raise $150 million from various investors. This round of investment will raise the valuation of Reddit to $1.7 billion.

 Sources close to the matter told Bloomberg, under the condition of anonymity in the past recent weeks, the link sharing website and app was looking for investments. A spokeswoman for Reddit said no funding has been finalized yet and declined to comment further.

Reddit was started in 2005 by Steve Huffman and Alexis Ohanian then students of University of Virginia. They later sold the startup to magazine publisher Conde Nast after joining Silicon Valley business incubator Y Combinator. Reddit attracted a devoted audience and was the birthplace of countless memes but failed to find a sustainable business model.

In 2014, they raised $50 million from various investors led by Y Combinator’s President Sam Altman and included Joshua Kushner, Peter Thiel, and Marc Anderson along with Jared Leto and Snoop Dogg. Steve Huffman rejoined as the CEO the next year to help shift the company onto mobile portals and apps.

Reddit website is ranked as the fourth most visited site in the United States and seventh worldwide while the app has 5 million downloads.