Reddit was founded by University of Virginia roommates Steve Huffman and Alexis Ohanian in 2005. Condé Nast Publications acquired the site in October 2006. In 2011, Reddit became an independent subsidiary of Condé Nast's parent company, Advance Publications.
After raising $300 million, Reddit looks like a growing force in the world of social media. The company is valued at $3 billion, as of the latest funding round. That's up from its prior $1.8 billion valuation in July 2017