Imgur, a San Francisco, CA-based community-powered entertainment platform, raised $20M in funding.
The investment was made by Coil, a San Francisco-based startup designed to help creators monetize content and provide a premium experience to consumers. As part of the transaction, Stefan Thomas, Founder & CEO of Coil and former CTO of Ripple Labs, Inc., will be joining Imgur’s board of directors.
The partnership represents an opportunity for the company to generate additional revenue and give users an improved experience, while also continuing to develop and scale its growing advertising business.
Founded in 2009 by Alan Schaaf, CEO, Imgur provides a platform for people to discover informative and inspiring images, memes, GIFs, and visual stories served up in a stream of bite-sized items. It is powered by a community of 300M+ people from all around the world, anyone can join to share stuff and vote the best to the top.