US-based online image hosting platform Imgur was acquired by internet holding company MediaLab for an undisclosed amount yesterday, allowing content monetisation technology provider Coil and online forum operator Reddit to exit.
Imgur runs an online image sharing platform with a user base it claims has grown from 100 million in 2013 to 300 million today.
The company was founded in 2009 and bootstrapped until it received its first external funding, in 2014, when it secured $40m in series A financing from Reddit and venture capital firm Andereessen Horowitz. It later received a $20m injection from Coil in mid-2019.
In a blog post, Imgur said: “We made the choice to join the MediaLab portfolio because their resources and shared services can help accelerate us closer toward our goal and keep the main Imgur team focused on what we do best: creating the best place for community-powered entertainment online.
“MediaLab has committed to investing more resources in engineering and community to continue adding new features, new tools for creators and growing Imgur.”
