THE NEWS WRAP: Reddit launches crowdfunding website

Reddit has expanded into the crowdfunding space with the launch of Redditmade, a platform that allows moderators to set up projects that can be backed by Reddit users.

TechCrunch reports the new site will also have a charitable edge, with moderators having the option to donate the money made on top of their crowdfunding target to a charitable cause.

According to its website, Redditmade is a new project aimed at enhancing the Reddit user experience by allowing people to “turn the best designs and products by the community into a reality”.

Redditmade joins the likes of widely successful crowdfunding websites Pozible and Kickstarter, the latter having raised around $1 billion since launching in 2009.

Bitstrips closes $8 million Series B round

Bitstrips has confirmed it has closed an $US8 million Series B funding round, according to TechCrunch.

The customisable comic strip application, which rose to the number one spot on the App Store after launching in October last year, has also launched a new Android and iOS app that allows users to turn their cartoon emoji into stickers.

The $US8 million raise will be put towards product development and hiring new talent.

Microsoft sheds another 3000 jobs

Microsoft has cut an additional 3000 jobs from its international workforce, according to GeekWire.

In a statement, the company said it has now completed almost all of the job cuts that were announced by chief executive Satya Nadella in July this year.

“We’ve taken another step that will complete almost all the 18,000 reductions announced in July,” a Microsoft spokesman said. “The reductions happening today are spread across many different business units, and many different countries.”

Overnight

Last night the Dow Jones closed down 31.44 points, falling 0.18% to 16,974.31. The Aussie dollar is currently trading at US88 cents.