Imgur raises $40 million in funding
Imgur is a popular photo website that has raised $40 million in funding. This round of funding was led by Andreessen Horowitz. Andreessen Horowitz’s Lars Dalgaard will be joining the board of directors at Imgur.
This is Reddit’s first outside funding round. Imgur sees around 130 million unique monthly users and sees over 2 billion daily pageviews.
Imgur was founded by Alan Schaaf, who founded the website from his dorm room at Ohio University in 2009. “My Gift to Reddit: I created an image hosting service that doesn’t suck. What do you think?” said Schaaf in a post on Reddit in 2009. Imgur has been profitable for a long time now.
Imgur will be using the funding to hire engineers to focus on mobile development. It will also be used for building a sales team and setting up a larger office.
The photo website generates revenue through banner ads, sponsored images, API access for developers, and analytics for people that want to see how much traffic a picture generates.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry