Hacker Noon raises $1M from Coil, integrates Web Monetization

by | Jun 10, 2020

Hacker Noon, the technology publishing platform serving 4M readers per month, announced today a $1M strategic investment from Coil, the San Francisco-based startup designed to help creators monetize content and provide a premium experience to consumers. Additionally, the companies kicked off a three-year partnership focused on Web Monetization for contributing writers. Web Monetization is an open specification that is freely available to any monetization service provider who wants to support sites like Hacker Noon. 

“We want to become the best place for tech professionals to read, write and publish,” said Hacker Noon CEO David Smooke. “To date, we’ve provided editorial resources, validation, and distribution. Now with this strategic partnership, Hacker Noon will experiment with streaming micropayments to writers based on how much time Coil users spend reading their stories.” 

“Hacker Noon is home to an incredibly dedicated community of technologists and software developers,” said Jonathan Greenglass, Coil’s Chief Growth Officer.  “We’re thrilled to be working with Hacker Noon to provide its community with a simple way for readers and writers to participate in the value exchange between one another.

“Starting today, Hacker Noon Writers can now add their Web Monetization meta tag to their stories on Hacker Noon. Once enabled, Coil automatically streams micropayments to the writer’s wallet based on the amount of time Coil Members spend reading. We will also offer a way for writers to donate their earnings via Coil to charities that are dedicated to making the Internet a better place. 

Coil paid $11.35 per share, valuing the company at $11.5M pre-money. In Hacker Noon’s previous equity crowdfunding round, the share price was $8.20. The company remains entirely common stock. As part of the partnership, Jonathan Greenglass, Coil’s Chief Growth Officer will be joining David Smooke and Linh Dao Smooke on Hacker Noon Board. Previously, he was CFO of Imgur, one of the internet’s largest communities, and a top 30 website in the US. “In addition to implementing the Web Monetization standard, we will use this investment to expand the editorial, sales, and most importantly, software teams,” said David Smooke.

The Coil ecosystem

Coil was given a 1 billion XRP “war chest” from Xpring (Ripple’s investment arm) back in August 2019. Since its inception, Coil has partnered with Cinnamon, a video-streaming platform with exclusive content for Coil members, Imgur, an online image sharing community and image, Outvoice, a freelance payment solution, Puma, a privacy-focused web browser and GateHub, an XRP wallet and gateway.

It has also invested in Kava Labs, a venture-backed company working on frontier innovations within payments and blockchain technologies while it has also worked with Firefox, a free and open-source web browser.

Less than a month ago, Coil was integrated to Uphold, a digital wallet and trading platform.

In 2019, Coil, in collaboration with Mozilla and Creative Commons, launched the $100 Million Grant for the Web to boost open, fair, and inclusive standards and innovation in Web Monetization.

About Hacker Noon

Hacker Noon is built for technologists to read, write, and publish. Hacker Noon is an open and international community of 12,000+ contributing writers publishing stories and expertise for 4,000,000+ curious and insightful monthly readers. Founded in 2016, Hacker Noon is an independent technology publishing platform run by David Smooke and Linh Smooke. 

About Coil

Coil was founded in 2018 to build a better business model for the web. Coil makes it easy for creators to monetize their content across the internet, and provides an alternative to advertising and site-by-site subscription models. As members enjoy content, Coil uses a proposed open web standard called Web Monetization to stream micropayments to creators in real time. Coil is designed to support a variety of creators, developers and content platforms.

Hacker Noon has been added to our XRP ecosystem.

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