That's up from a $1.8 billion valuation from the company's last funding round, which brought in a $200 million investment in 2017.
Reddit said it plans to use the capital to expand internationally and grow its ad business, targeting the market dominated by Facebook and Google.More news: The Portland Trail Blazers Signing Enes Kanter Is A Puzzling Decision
The announcement prompted criticism of Reddit for linking itself with a company from China, where the ruling Communist Party enforces extensive online censorship.
The round has not been without controversy given that its lead investor, Tencent, is not only a major Chinese company, a country where Reddit is banned, but also a technology provider to the "Great Firewall of China" censorship system.
"Reddit is now funded by Chinese investors, so let's remember that President Xi Jinping is so insecure in a meme that he banned Winnie the Pooh nationwide", wrote Redditor kproxurworld, referring to China's ban on the A. A. Milne character after people claimed the character held a physical resemblance to Xi Jinping.More news: 'American Idol' Alum Antonella Barba Accused of Delivering Fentanyl
Tencent has invested in a broad array of companies, including Tesla, Snapchat-parent Snap and Epic Games - the maker of popular video game "Fortnite".
Reddit has been on a roll lately, growing its audience to 330 million monthly active users generating 14 billion page views in 2018.
The funding comes from what is called a "series D funding round" and sees China's Tencent adding a considerable amount of fortune to the $300 million, infact the Chinese conglomerate threw in $150 million. Reddit is ranked among the most visited USA websites, and has more than 138,000 "communities" for discussions on various topics.More news: Force India's life as Racing Point begins with launch of 2019 vehicle
Reddit is also known for ask-me-anything (AMA) sessions with well-known people such as Microsoft co-founder Bill Gates and former USA president Barack Obama.