Snoop Dogg, Jared Leto and more invest in Reddit

Alongside Netscape co-founder Marc Andreessen, Sequoia Capital’s Alfred Lin and PayPal co-founder Peter Thiel, over $50 million was raised in investments.

With over 133 million users, Reddit is one of the Internet's most popular destinations, and they claim to be "the front page of the Internet". Indeed, many viral topics and videos have originated on the site, though not without controversy. However, little has changed in their 9 years of activity, and the company still operates with only 60 employees.

In a blog post Reddit said it plans to use the cash in a variety of ways:

"We're planning to use this money to hire more staff for product development, expand our community management team, build out better moderation and community tools, work more closely with third party developers to expand our mobile offerings (try our new AMA app), improve our self-serve ad product, build out redditgifts marketplace, pay for our growing technical infrastructure, and all the many other things it takes to support a huge and growing global internet community."

Snoop Dogg is on a roll lately with these, erm, philanthropic endeavours.

Via The Independent