US-based online image hosting and sharing platform Imgur today received a $20m investment from content monetisation technology provider Coil.
Stefen Thomas, founder and chief executive of Coil, has joined the company’s board of directors in conjunction with the funding.
Founded in 2009, Imgur operates an online platform for users to share and upload images, memes, GIFs and visual graphics. The platform has grown to more than 300 million users to date.
Alan Schaaf, founder and CEO of Imgur, said: “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. Coil’s technology will open up new opportunities for users to give to one another and support the community in new ways.”
Social news aggregation platform Reddit and venture capital firm Andreessen Horowitz previously backed a $40m funding round for Imgur in 2014.