Reddit has secured another round of funding, bringing the social media company’s valuation to $10 billion.

Reddit has been the darling of the social media industry, posting impressive growth, especially compared to its larger rivals. The company has been moving toward an IPO, hiring Drew Vollero as its first CFO in an effort reach that goal.

The company has now revealed its latest round of funding, placing the company’s valuation at $10 billion.

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. We will raise up to $700 million in Series F funding, led by Fidelity Management and Research Company LLC. and including other existing investors, at a post-money valuation of over $10 billion.

Reddit reiterated its solid growth, noting its first $100 million advertising revenue quarter, a 192% increase from the previous year.