Reddit, the California-based social news aggregation, web content rating and discussion website said it has  plans to raise up to $700 million in a series F round of funding that will value the company at $10 billion.

The new round will be led by Fidelity Management and Research Company and Reddit’s other existing investors.

“We are optimistic and encouraged that not only are we resourced and capitalized to continue on our growth path, but also that our investors support our vision and want to deepen their stakes in our future,” the company said.

“We are committed to our mission of providing community and belonging to everyone and look forward to continuing on our journey with the support of our users, employees, clients and investors,” it added.

The round will bring the total fundraising volume for the year to nearly $1 billion.

Founded in 2005, Reddit raised $250m in series E round in February that valued the company at $6 billion.

The company said it is making strategic investments to grow its business, expand internationally, innovate new ways to foster community and bolster its advertising offerings and capabilities.

“These efforts require us to grow our teams and make smart bets on how to make Reddit better, faster, easier to use and more empowering for communities,” the company said.

“We are also evolving as a business, maturing and building the operational structures that will help propel us into the future with transparency, values and integrity,” it added.

This year Reddit marked its first $100m advertising revenue quarter (April-June period), representing a 192 per cent increase compared to the same period last year.