SAN FRANCISCO, June 26, 2019 /PRNewswire/ -- Imgur, the community-powered entertainment platform reaching 300M people each month, announced today a $20M investment from Coil, the San Francisco-based start-up designed to help creators monetize content and provide a premium experience to consumers. The funds will go towards continuing Imgur's company mission of making the internet a more positive place. 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.
"Imgur began in 2009 as a gift to the internet. Over the last 10 years we've built one of the largest, most positive online communities, based on our core value to 'give more than we take,'" said Alan Schaaf, Founder and CEO of Imgur. "Everything from the way we operate as a team to the ways in which we partner with brands is built around this core value of giving to the community. Coil's technology will open up new opportunities for users to give to one another and support the community in new ways."
"When I met with Alan, we quickly realized that we shared a passion for the Web and how to overcome the challenges it faces today," said Stefan Thomas, Founder and CEO of Coil. "We are excited for a partnership that will empower millions of creators and their fans."
This investment comes at a time of a significant momentum for Imgur, which has just celebrated its 10th consecutive year of growth - including the highest-grossing year to date for its advertising division. The Imgur-Coil partnership represents an opportunity for the company to generate additional revenue and give users a better experience, while also continuing to develop and scale its growing advertising business.
Founded in 2009, Imgur is the easiest way to discover and enjoy the magic of the Internet. It's where you'll find the funniest, most informative and inspiring images, memes, GIFs, and visual stories served up in an endless stream of bite-sized fun. Powered by a passionate community of 300M+ people from all around the world, anyone can join to share cool stuff and vote the best to the top. You'll always find something on Imgur to make you smile and brighten your day.
Coil was founded in 2018 by Stefan Thomas, former CTO of Ripple, to build a better business model for the web. Coil's platform is designed to make it easy for creators to monetize their content across the internet. As subscribing fans enjoy content, Coil uses an open API called Web Monetization to stream micropayments to creators in real time. The platform supports creators, across the spectrum, including writers and journalists, video creators, podcasters, streamers, musicians, photographers, and artists. For more information about Coil, please visit coil.com and follow Coil on its creator page and on Twitter (@Coil).