Gumroad launches with USD1.1m in seed funding

Launching with USD1.1m seed funding

Gumroad, a startup that makes payment system technology, is launching with USD1.1m seed funding from Accel Partners, as well as angels Chris Sacca, Max Levchin, SV Angel, Josh Kopelman, Seth Goldstein, Naval Ravikrant. The firm helps companies to hyperlink from their sites to payment systems in order to monetise content.

 CEO Sahil Lavingi says, “The store model is kind of broken. Everyone talks to their fans and followers on Twitter and Facebook, but there’s a disconnect in the way people talk to their fans and the way people sell to their fans.”

The company takes a 5% cut and charges a USD0.30 fee on every transaction. “Just like Twitter has granted anyone the ability to talk to people, Gumroad could potentially grant everyone the ability to sell stuff, online or offline,” says Lavingia.

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