Reddit Releases $1 Million Community Fund to Support its Creators and Projects

With the introduction of a community fund, Reddit is giving new life to the dreams of several projects and creators.

Reddit announced on Monday that it is launching a new initiative called Community Funds, with an initial investment of $1 million to support a variety of projects. The new fund is the result of six months of experiments and efforts. From June 2022, the social news aggregation, Web content rating, and discussion website will begin accepting project, event, and contest ideas.

The Reddit team mentioned in its official announcement that it has already funded 13 projects. Among these projects are a comics tournament, a Times Square billboard, and a digital conference.

Beginning in June 2022, the Community Funds will officially begin lending funds to projects. To choose these projects, Reddit will solicit nominations and award funding ranging from $1,000 to $50,000  to those in desperate need. These projects will be chosen based on their creativity, feasibility, and community impact. The platform intends to issue detailed submission guidelines in the near future.

“Community Funds is consistent with our mission of providing community, belonging, and empowerment to all people around the world.” “We believe that one way we can accomplish this is by empowering communities to do more by awarding funds to support their best ideas,” read the official Reddit post.

The blog shared a video with a brief on their initiative, giving a glimpse of the projects funded by Reddit thus far. During its testing phase, Reddit funded a photography competition with $5,000 (approximately Rs. 3.84 lakh) and a comic-creation contest with another $5,000. The company also set aside $5,000 for 25 children whose families were experiencing financial difficulties.

Reddit is not the only social media platform that offers assistance through a fund like this. Facebook will also launch a Community Fund in 2020 to “assist local communities’ efforts to build resilience and social cohesion around the world.”