Uncle Snoop becomes part owner of social netoworking site.
Snoop Dogg is putting his money behind the popular social networking site Reddit.com, the company announced Tuesday (Sept. 30). Reddit netted $50 million from more than a dozen investors, including Uncle Snoop.
Venture capitalist Sam Altman is the lead investor, Reddit says, while the amount that The Doggfather put in the pot has not been released.
Founded by two college students in 2005, Reddit has grown rapidly becoming a well favored news and photo sharing destination, and a go-to-site for recording artists like Snoop and SchoolBoy Q to connect directly with fans through Q&A forums.
Despite its growth, the company has been operating on a “shoe string budget” until recently. “Thus, we’re planning to use this money to hire more staff for product development, expand our community management team, build out better moderation and community tools, work more closely with third party developers to expand our mobile offerings improve our self-serve ad product, build our reddit gifts marketplace, pay for our growing technical infrastructure, and all the many other things it takes to support a huge and growing global internet community, ” reads a statement on the Reddit site.
Snoop has not yet commented on the investment.
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(Photo: Brad Barket/BET/Getty Images)Tags: artist, music, release