Reddit says it's raising $410 million in funding at a $10 billion valuation

• Reddit says it's raising $410 million from Fidelity Investments at a valuation of about $10 billion.
• The site was last valued at $6 billion in February, when it raised $250 million.
• Reddit said it expected the current funding round to eventually reach up to $700 million.

Reddit on Thursday said it was raising $410 million as part of a funding round that will value it at more than $10 billion.

The social site's valuation was $6 billion in February, when it raised $250 million.

The new funding, from Fidelity Investments, is part of a funding round that Reddit said was likely to reach as much as $700 million.

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"I can confirm a $410 million investment has been raised to date, but will expect more investments," a Reddit spokesperson told Insider.

The new funding will go towards video and audio features, as well as making it easier for new users to get to grips with the site, Steve Huffman, Reddit's co-founder and CEO, said in an interview with The New York Times.

"Fidelity made us an offer that we couldn't refuse," Huffman said.

"We are still planning on going public, but we don't have a firm timeline there yet," Huffman told The Times. "All good companies should go public when they can."

When Reddit raised $300 million in February 2019, it was worth $3 billion. It then doubled its valuation to $6 billion the following year.

The site has more than 52 million active users and over 100,000 communities, according to Reddit's website.