Reddit said Monday it raised more than $250 million in Series E funding from both existing and new investors.

What Happened: The social news aggregator and discussion website’s current investors include Tencent Holdings Ltd (OTC:TCEHY), Andreessen Horowitz, and Sequoia Capital, according to Crunchbase.

Reddit has doubled its valuation to $6 billion in the latest funding round, which was led by Vy Capital, the Wall Street Journal reported.

Reddit CEO Steve Huffman said that it was a “good market to fundraise.” 

“Valuations are very high right now. It never hurts to raise money when there’s an opportunity to do so and Reddit had a strong year,” the executive told the Journal pointing to a 90% YoY increase in advertising revenue in the quarter ended December.

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“We are also readying to double the number of Reddit employees this year; it’s surprising not only for the pace of growth but also that such a relatively lean team has been behind one of the most visited websites in the world,” the social media company said in a statement.