The purchase price is unknown, suggesting it wasn’t for much, but the Boston start-up was founded only last year, and was built on a mere $100,000 in funding. It is a competitor to San Francisco’s Digg, though is the lesser known.
Wired’s parent company, Condé Nast, has used Reddit technology to launch a beta site, Lipstick.com, focused on celebrity news. The company said it hopes the Reddit acquisition will bolster Condé Nast’s presence online.
Reddit’s four founders, based in Boston, will relocate to San Francisco. They received $100,000 funding from seed investor Paul Graham’s group, Y Combinator.
The four founders of Reddit are Steve Huffman, Alexis Ohanian, Aaron Swartz, and Chris Slowe. TechCrunch says the company averages 70,000 daily unique visitors.