Photo sharing service Imgur has secured $40 million in its first round of funding led by Andreessen Horowitz and Reddit. Under the terms of the deal, Andreessen general partner Lars Dalgaard will become part of Imgur's board, according to Jewish Business.
The Daily Caller cited Imgur Chief Executive Officer (CEO) Alan Schaaf saying: "We are bootstrapped from the beginning, so we've had to be profitable since the beginning. Revenue is not where the focus of the company is at. We are focused on pushing out cool products like our analytics. We want to be the best place on the Internet. That's where the focus is at."
The San Francisco-based firm will use the new capital to transfer to a bigger office and add more developers to its team. In addition, Imgur will also form its first sales and marketing departments, the report detailed.
Founded in Ohio in 2009, Imgur was first launched as an ancillary service for Reddit. However, it quickly gained a large following and achieved one million page views in just six months. The photo-sharing site has been profitable since May 2009, Jewish Business reported.
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