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Reddit, the virtual town square of the consumer internet, has raised a fresh $410 million in funding, valuing it at more than $10 billion, the company said on Thursday.

The financing, which was led by Fidelity Investments, increases Reddit’s valuation from the $6 billion it achieved six months ago, when it raised $250 million. Reddit said it expected existing investors to participate in the latest financing as well, so the round is likely to grow and close out at around $700 million.