Video game chat platform Discord has reportedly raised $150 million in new funding at a $2 billion valuation. The round was led by Greenoaks Capital and saw participation from Firstmark, Tencent, IVP, Index Ventures, and Technology Opportunity Partners.

Discord: A Platform on the Rise

The new round of funding will reportedly be used to support the company’s new expansion into subscription and storefront markets. Earlier this year it was announced Discord would launch a beta version of it an online store which would allow gamers to purchase and play games directly within its platform. In a move away from simply being a communication platform, the new initiative seems to signal bigger ambitions for the company. 

In Direct Competition with the Market’s Biggest Player

The move to open a gaming store will put Discord into more direct competition with the largest digital PC gaming distribution platform, Steam. Earlier this year, Steam was seen as encroaching into Discord’s territory when it announced the launch of its own chat platform within its site. In an effort to lure Steam’s audience to its own site, Discord will sweeten the deal for developers who host their games on the Discord site by offering a 90/10 revenue split as opposed to Steam’s 70/30 split. Video gaming viewing site Twitch also remains a competitor in the space. 

Investors Are Interested

This is not the only large round of funding secured by the company recently. This past April, closed a $50 million round of funding at a $1.65 million valuation. Previous to this, the company had also closed a $20 million round of funding in participation with, Tencent. All told, the company has raised more than $280 million after six rounds of funding.

With more than 200 million active users, Discord is one of the largest online gaming communications platforms on the net. Since its launch in 2015, the company has grown to become a true forces within the online gaming industry, and with the launch of its new subscription and store front features, this presence only looks to increase.