Social media platform Reddit has raised US$250mln in Series E funding from existing and new investors which has doubled its valuation to US$6bn.

The last figure was US$3bn estimated during a funding round in February 2019, the Wall Street Journal reported.

READ: GameStop shares hold steady as regulators meet to discuss Reddit stock rally

The news comes amid heightened attention for the website in the investing world after its WallStreetBets subreddit started the GameStop short squeeze.

Following the cash injection, the 16-year-old website is planning to double the number of employees while it recently acquired short-form video platform Dubsmash to “encourage under-represented creators to find a home on Reddit”.

In the last quarter, direct advertising revenue rocketed 90% with daily users averaging over 50mln.