Image Sharing Site Imgur Raises $40 Million
Imgur, a popular image sharing site on social media, has raised $40 million in an investment round. The New York Times reports that the site raised the money from Andreessen Horowitz in a Series A round.The site launched in 2009 and now gets 130 million unique viewers each month. The Times says 1.5 million images on shared on the site daily. Many of the images shared on Reddit used Imgur.
The homepage of imgur shows the most popular images of the day. It also highlights the best comments of the day. Images on the site generates points when they are ranked Up. Imgur also provides stats for each image shared on the site. The site also provides a quick way to turn an image into a potential meme by letting you change the text on different images.
Imgur founder Alan Schaaf told the Times that the time is right to raise money after staying small over the past five years. Schaaf says, "Being bootstrapped is great. You own 100 percent of it. But the downside is that you arenít able to move as fast as you want."
Posted on April 3, 2014