Former Ripple Labs CTO’s Startup Coil Invests $20M USD In Image Hosting Site Imgur

Investing, News | June 27, 2019 By:

Community-powered entertainment platform Imgur has secured a $20 million investment from Coil, a micropayments startup founded by Stefan Thomas, former CTO of Ripple.

Founded in 2009, Imgur is an online image sharing community and image host. Powered by a community of over 300 million people from all around the world, the platform allows anyone to share cool stuff, such as inspiring images, memes, GIFs, and visual stories, and vote the best to the top.

Imgur said that the funding will be used to continue the company’s mission of making the Internet a more positive place. The Coil partnership will also allow the company to generate additional revenue and give users a better experience, while also continuing to develop and scale its growing advertising business.

“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.”

Based in San Francisco, Coil has developed a platform designed to help creators monetize content and provide a premium experience to consumers. The platform, which uses an open API called Web Monetization to stream micropayments to creators in real time, supports creators, across the spectrum, including writers and journalists, video creators, podcasters, streamers, musicians, photographers, and artists.

“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.”