Reddit raises $700 million in a funding round led by Fidelity Management, and the social media platform has now valued above $10 billion. Reddit was founded in 2005 by Chief Executive Steve Huffman, Alexis Ohanian and Aaron Swartz. Reddit has been a popular internet name for years, dragging millions of experts and enthusiasts to its discussion groups.

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By January of the current fiscal, Reddit had above 52 million daily active users and over 100,000 communities, which is dominated by Facebook’s around 2 billion daily active users in June or Twitter’s 206 million daily active users. Reddit exceeded $100 million in advertising revenue for the 1st time in the second quarter. Some of its investors are venture capital firm Andreessen Horowitz, Sequoia Capital, Tencent Holdings and rap superstar Snoop Dogg.