Biz: Reddit raises $300 million in funding

The United States social media site Reddit said on Monday it had raised $300 million in a financing drive led by internet giant Tencent, which pushed the company’s market valuation

to $3 billion. Reddit CEO Steve Huffman told CNBC news outlet that Tencent invested $150 million in the latest round of fundraising, along with other investors. Huffman said Tencent has invested in lots of videogame companies, and video games are a popular category on Reddit, a social news and media aggregation company based in San Francisco, Northern California.