Reddit said on Monday that it raised more than $250 million in a new round of funding that doubled its valuation to $6 billion.

The social media company was valued at $3 billion following a funding round in February 2019.

“We decided that now was the right opportunity to make strategic investments in Reddit including video, advertising, consumer products, and expanding into international markets,” the company said in a blog post.

Reddit Chief Executive Officer Steve Huffman told the Wall Street Journal it is a good market to raise funds.

“Valuations are very high right now. It never hurts to raise money when there’s an opportunity to do so and Reddit had a strong year,” Huffman said, according to the WSJ report.

Reddit, which has more than 50 million daily active users, said in the blog post that advertising revenue rose 90% in the last quarter from a year earlier.

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