Reddit is one of those sites which you can literally spend hours on, with the amount of content available. People like to refer it as the "front page of the internet". It was created in 2005 by Steve Huffman and Alexis Ohanian, two students in their first year of college.
Their initial idea wasn't to create Reddit, but to create an easier way to order food from your mobile phone. Paul Graham, co-founder of Y-Combinator, a company which invests in startups, liked their idea of ordering food from your mobile. Unfortunately when they pitched the idea to the Y-Combinator panel, it was rejected. However Paul Graham asked Steve and Alexis to come up with something else, a new idea, a web app.
They received an initial funding of $12,000. Within three weeks the site was launched, and it was barely even ready, but Steve and Alexis had no choice, Paul pushed the site out there. From there on the site has simply grown over the years to become what it is today.