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Snoop Dogg has been a rapper, an actor and, more recently, a purveyor of virtual stickers.

Now, he can add another title: venture capitalist.

The hip-hop star from Long Beach, Calif., is among a group of investors in a $50 million financing round for Reddit, the frenetic link-sharing and discussion site, according to an announcement on Tuesday. The investors valued the company at a reported $500 million.

A number of prominent technology investors took part in the financing, including Marc Andreessen, Peter Thiel, Ron Conway and Josh Kushner, among others. The actor Jared Leto, who sometimes makes angel investments, also participated. The deal was led by Sam Altman, the president of the start-up incubator Y Combinator, which backed Reddit when it debuted in 2005.

The financing round featured an experimental twist. The investors plan to give 10 percent of their shares to users of the site, possibly through a virtual currency that would be backed by the shares. Mr. Altman said the move was an acknowledgment that the users had “already invested their time to create value.”

But Snoop Dogg’s participation was particularly meaningful for Reddit’s users. Among celebrities who lead “ask me anything” discussion forums on Reddit, the rapper is especially popular, more than willing to talk about a topic that is a favorite among the site’s users: marijuana.

“He’s like a Reddit superstar,” Mr. Altman said of Snoop Dogg. “The site loves him.”

When Mr. Altman made the initial offer to Reddit, he said, he asked the company for a wish list of investors. “Snoop was high on the list,” Mr. Altman said. “We asked him to invest, and he said yes.”

Snoop has already dipped a toe in technology. His app, Snoopify, lets people add stickers of joints, marijuana leaves and related paraphernalia to their mobile phone photos.

With the Reddit investment, however, Snoop Dogg was listed among Silicon Valley royalty. He appeared to relish his new insider status.

When Mr. Altman ran an “ask me anything” forum on Reddit to discuss the investment, the most popular comment was by Snoop Dogg, who uses the handle “Here_Comes_The_King.”

“Whaddup Sam! They let the Dogg n the building,” he said. “Now do I get an official title??”