Reddit, a popular social news aggregation, web content rating, and discussion website, has just raised $250 million in a new funding round.

The funding round brings Reddit's current valuation to $6 billion, double its previous round.

The last time Reddit raised funds was back in February 2019, when Tencent led a $300 million round into the company, valuing it at $3 billion.

Reddit today has more than 50 million daily active users, with advertising revenue climbing 90% in the last quarter compared to the previous year.

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