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A 19 Year Old’s Startup Called Gumroad Gets $7 Million In Funding.
19 year old Sahil Lavingia is the talk of town with his virgin venture, Gumroad and the news of the $7 million funding that the service has received. So how did this kid get the funding? A college dropout, the teenager has some real credibility because he worked at Pinterest earlier. Pinterest is currently the third biggest social network in the world. Now, the youngster has his sights set on building his own company.
The venture is Gumroad, a service which helps you sell anything to your followers and fans on social media. The idea is very cool although no one has really cracked selling something on social media yet. There have been e-commerce efforts on Facebook but they didn’t really take off. Gumroad seems to be a very helpful tool for people who sell stuff on a small scale. Ebay and Junglee are some of the online marketplaces where people can sell their wares. Gumroad adds the social media element and charges lesser cuts as compared to eBay. Ebay current charges a 9% cut while Amazon charges almost 50%! Compared to that Gumroad offers a cut of only 5%. This is as cheap as it gets.
The idea seems very disruptive and has the complete potential to work out. The company received its first round of funding to the tune of $1.1 million from SV Angel, Accel Partners and Lowercase Capital. Now, the company has managed to raise $7 million in its second round from Mike Abbott of Kleiner Perkins Caufield & Byers. Not many 19 year olds can boast of such achievements.
Check out the video to see what Gumroad is all about.
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