Six months after closing a funding round that doubled its valuation, Reddit is locking in a roughly 50% increase, driven by money managers hunting for investments and its role in the Wall Street trading frenzy.

Reddit on 12 August said it has raised $410m from Fidelity Investments at a valuation of about $10bn. The company said it expects to secure additional financial commitments from new and existing investors to bring the total raised to as much as $700m. In February, the company said it had raised about $500m in late-stage funding at a $6.5bn valuation.