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Plug in the code TERMSHEET at this link to get 50% off your annual subscription. IN OTHER NEWS: Fortune is currently offering magazine subscription discounts to Term Sheeters. Regardless of when it does decide to (finally) make a public debut, it’s evident Reddit’s executives have learned a thing or two about raising capital since the early days, when selling t-shirts was a go-to, and didn’t work out too well. It hit 1,000 employees last quarter, and hopes to add another 400 by the end of this year. The community platform is also expanding like crazy. It acquired a short-form video social platform Dubsmash in December. Reddit Talk, a live conversation feature, is currency in alpha testing. Video is becoming an increasingly significant part of Reddit’s business, a spokeswoman tells me, and they’re continuing to build out its existing video and audio offerings for creators and viewers.

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“To go out successfully, there’s a lot of work between here and there and a lot of things we need to do,” Huffman recently told the Wall Street Journal.Įither way, Reddit has its hands full with plans for the fresh capital.

He’s been discussing it again this year after hiring Vollero, and now with the fresh round of funding. Back at the end of 2017, he said it was inevitable, and that it may happen by 2020. Huffman has been mentioning it’s in the cards for years. It’s no secret Reddit has been planning for it. Then there’s former Instagram exec Timo Pelz, Duolingo’s Laura Nestler, and Bank of America’s Allison Miller.Īll the above begs the question: Is Reddit going to IPO already? Not to mention, Reddit has made several key hires this year: It brought on Drew Vollero as CFO, who helped take Snap public.

The social media platform has sure had its moment in the spotlight this year, particularly with the r/WallStreetBets and GameStop debacle-which, by the way, led to Reddit CEO Steve Huffman testifying before the House Financial Services Committee, where he tenderly pointed out that he was proud of Redditors for raising “important issues about fairness and opportunity in our financial system,” even though they may look “sophomoric or chaotic from the outside.” As a reminder, Sequoia Capital, Tencent Holdings, and Andreessen Horowitz are some of its other large backers. That would bring the company a $10 billion valuation-up from $6 billion in February.

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In June of 2020, the company leased a dozen 767s from Air Transport Services Group, Inc.įinancial terms of the sale were not disclosed.Reddit announced yesterday that it had raised $410 million in funding led by Fidelity Investments it’s planning to reel in another $290 million from pre-existing investors (and potentially some new ones, too) to finish off the Series F round. Tuesday's news is the first purchase of jets, but also the second time in the pandemic that the company has added to its number of planes. But those are for the last leg of the delivery journey - it still relies on planes to get packages across vast distances, quickly. The company uses parcel services such as UPS and FedEx for its current deliveries, but is moving to build its own delivery network as it increasingly views itself as a competitor to those services, not a partner.Īmazon owns tens of thousands of its own delivery trucks, and has been experimenting with its own fleet of autonomous delivery drones. Amazon building delivery networkĪmazon launched its own air cargo fleet in 2016 and, prior to Tuesday's news, the company leased 80 planes, but the move is the first time the company has bought their own. The four jets represents WestJet's entire fleet of 767s. 'We are pleased they found a home with Amazon.' 'Last year our 767s were removed from service as we gauged market interest for the procurement of the 767 fleet,' spokesperson Morgan Bell told CBC News in a statement. The 767 was a key jet for WestJet in its evolution as it was the airline's only wide-body jet, but the airline has recently decommissioned its entire fleet of them and moved to larger 787 Dreamliners for many long-haul flights. in the way that they expect from Amazon, and purchasing our own aircraft is a natural next step toward that goal,' Sarah Rhoads, vice-president of Amazon Global Air, said in a release.

'Our goal is to continue delivering for customers across the U.S. The WestJet jets will join Amazon's fleet some time this year and the Delta ones in 2022. In a release, the company said the 11 jets, which are all Boeing 767-300s, are all currently set up to carry passengers but are in the process of being converted to carry only cargo. Amazon is buying four jets from WestJet and seven from Delta as the e-commerce giant moves to beef up its delivery fleet at a time when passenger jets are no longer so in demand.