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Angel Investor (Individual)

Investments

12

Portfolio Exits

2

About Steve Huffman

Steve Huffman is a web developer and co-founder of reddit, a social news aggregation website. He is also the co-founder of hipmunk, a travel search site that aims to take the agony out of travel planning.

Headquarters Location

California,

United States

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Latest Steve Huffman News

Reddit Users React With Dismay To IPO Plans

Feb 26, 2024

Reddit users, moderators express scepticism about IPO plans for company as it licenses content to Google for AI training Some prominent contributors to Reddit have reacted with pessimism to a regulatory filing by the company last week ahead of a planned IPO, with one popular post calling it the “beginning of the end”. Reddit included a long list of risk factors in the S-1 filing, along with revenue figures and other key data. The company, founded in 2005 – nearly 20 years ago – has never made a profit and lost more than $90 million (£71m) last year. But it said in the filing the company had only seriously started focusing on revenues in 2018. The firm reported $804m in revenue last year, up more than 20 percent from the previous year. Reddit chief executive Steve Huffman. Image redit: Reddit ‘Excited’ Advertising accounted for nearly all the revenue, but in a note to prospective investors chief executive Steve Huffman said he was “excited” about opportunities in e-commerce and licensing content to AI companies. “I have never been more excited about Reddit’s future than I am right now,” Huffman wrote. “We have many opportunities to grow both the platform and the business, the latter through advertising, monetising commerce on the platform, and licensing data.” Reddit last week reached such a deal with Google, reportedly worth $60m, which will allow the search and advertising giant to use Reddit content to train AI systems. Share offer The filing did not indicate how much Reddit seeks to raise by its New York Stock Exchange listing. It was valued at about $10bn by a private fundraising round in 2021. Reddit’s forums are moderated by unpaid volunteers, not employees, and the company has sought to bring some of its highest-profile users into the IPO plan by offering them shares at the same price as institutional investors, ahead of the start of open trading. “Because you have helped make Reddit what it is today, you now have the opportunity to become Reddit owners at the same price as institutional investors,” the company wrote to those invited to take part in the programme. Some moderators were sceptical, with one noting in a private chat room for mods that they would effectively be paying for content they themselves had generated. ‘Beginning of the end’ “They’re using my data and work on Reddit to sell me back to me through an IPO!!! Look Ma, I’m gonna be rich!!! !” the mod wrote. Users who were not involved in the share scheme expressed concern the site would go downhill as it focused on the interests of investors rather than those of users. On r/technology, the top comment on one of the threads about the IPO is “The beginning of the end,” while another comment called the share offer scheme a “scam”. “It is a scam. It’s just Reddit running the scam,” the user wrote. “End of an era,” another wrote. User protests A number of users expressed surprise at the filing’s revelation that Huffman was paid $193m last year as chief executive of the loss-making company. “WTF, that’s 20 percent of all revenue for the company,” one user wrote. “And they reported a loss of $91m in 2023. Gee, wonder how that happened,” wrote another. Reddit moderators have a history of conflict with the company’s management, including shutting down high-profile discussions last year in protest against a decision to begin charging for the Reddit API.

Steve Huffman Investments

12 Investments

Steve Huffman has made 12 investments. Their latest investment was in atla as part of their Seed VC on December 07, 2023.

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Steve Huffman Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/7/2023

Seed VC

atla

$5M

Yes

2

10/24/2022

Series A

The Coterie

$40M

Yes

3

1/24/2022

Seed VC - III

Fathom

$4.7M

Yes

6

5/6/2021

Seed VC

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$99M

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10

5/6/2021

Seed VC - II

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$99M

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10

Date

12/7/2023

10/24/2022

1/24/2022

5/6/2021

5/6/2021

Round

Seed VC

Series A

Seed VC - III

Seed VC

Seed VC - II

Company

atla

The Coterie

Fathom

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Amount

$5M

$40M

$4.7M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

3

6

10

10

Steve Huffman Portfolio Exits

2 Portfolio Exits

Steve Huffman has 2 portfolio exits. Their latest portfolio exit was Agora on November 15, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/15/2022

Acquired

$99M

6

9/3/2020

Acquired

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$99M

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10

Date

11/15/2022

9/3/2020

Exit

Acquired

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

6

10

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