Tech firm Imgur raises $40m to fund product development
Andreessen Horowitz, Reddit back image sharing service that has built up ‘impressive community’
Image sharing service Imgur has raised $40 million in funding, with venture capital firm Andreessen Horowitz backing the company.
The Series A funding will be used to bankroll product development, speed up Imgur’s internal growth and grow the site worldwide. The deal will also see general partner Lars Dalgaard joing Imgur’s board.
Imgur was built by founder Alan Schaaf to function as a simple image sharer for the reddit community. It has since evolved into an entertainment platform and has more than 130 million unique visitors every month.
“As a company that bootstrapped our way to profitability and had a blast doing it, we really weren’t out looking for money at all,” Mr Schaaf said. “It’s been an awesome experience to see this little idea to make an image sharing tool that didn’t suck blossom into an internet entertainment hub with the most engaged and unique community anywhere on the web. “We’ve always put community first, and in doing so have built and maintained an authentic experience that’s grown organically.”
The venture capital firm said it would provide “resources and guidance” to Imgur to help grow the community, while also giving it the freedom to accelerate product innovation and community growth.
“We’ve been watching Imgur for years, and the way Alan and his team have committed to building for the community is truly impressive,” said Mr Dalgaard. “It’s rare to see a company so committed to preserving an excellent user experience, and it’s no accident that this community has flourished.”