Condé Nast announced the acquisition of Reddit, a social news site, this morning for an undisclosed price. Reddit was founded in 2005 and has just four employees. This is a model company for young entrepreneurs looking to create a new startup with limited resources.
Marshall Kirkpatrick and I interviewed founders Steve Huffman and Alexis Ohanian today just hours after the acquisition was announced. While we couldn’t get them to disclose the acquisition price, they did talk about traffic and fundraising – Reddit is currently attracting around 70,000 unique visitors per day and 700,000 page views, and the company has raised just $100,000 in seed funding, all in the summer of 2005.
Time: 24:36 Minutes