Reddit, Inc. announced that it will issue 11,771,852 series E preferred shares at issue price of $42.4742 per share for the gross proceeds $499,999,996.2 in funding on February 8, 2021. The shares are convertible, non-redeemable and non-cumulative. The shares carry non-cumulative fixed dividend rate of 8% per annum. The shares will be convertible in common shares at a fixed conversion price of $42.4742 per share. The company will issue securities pursuant to exemption provided under Regulation D. On the same day, the company has received $250,000,000 in its first tranche led by existing investor Vy Capital. The tranche also included participation from new and existing investors including Andreessen Horowitz LLC, Sequoia Capital Operations LLC, Tencent Holdings Limited. The company has raised the tranche at post-money valuation of $6,000,000,000.