"It’s not often but you find Snoop Dogg rubbing shoulders with Silicon Valley’s elite but the rapper has joined some of the technology scene’s best-known venture capitalists in funding viral news site Reddit.
Reddit, which calls itself the ‘front page of the internet’, has raised $50 million from investors including the Drop It’s Like Its Hot singer alongside Netscape co-founder Marc Andreessen, Oscar-winning actor Jared Leto, Sequoia Capital’s Alfred Lin and PayPal co-founder Peter Thiel.
Despite attracting 133 million users each month, Reddit largely still looks like it did in 2005 and is maintained by just a staff of 60. In a blog post Reddit said it plans to use the cash to invest in new features, staff and building its mobile product.
As part of the deal, the new investors plan to give 10 per cent of their share in the company to Reddit users as a sign of appreciation for their role in making it a success.”