| SAN FRANCISCO
SAN FRANCISCO May 7 Gumroad, a start-up
payments company run by 19-year-old entrepreneur Sahil Lavingia,
has raised $7 million in a funding round led by Kleiner Perkins
Caufield & Byers, Lavingia said in a blog post. [gumroad.com/next-steps
Lavingia represents the increasingly youthful face of
Silicon Valley, where entrepreneurs in the consumer-Internet
sector are quickly building companies with relatively little
Last month, twenty-somethings Kevin Systrom and Mike Krieger
sold their photo-sharing company Instagram to social-network
Facebook for $1 billion.
His company is taking on others such as eBay's PayPal in
trying to make it easy for small-scale entrepreneurs to earn
money. Gumroad's twist is in using link-based payments,
requiring fewer steps for the consumer.
The funding round marks the first investment for Mike Abbott
since he joined Kleiner late last year. Previously, Abbott ran
engineering at Google and briefly worked as an
entrepreneur-in-residence at Benchmark Capital.
Lavingia dropped out of the University of Southern
California to work for Pinterest, the online bulletin-board
company that has attracted more than 19 million users and raised
$37.5 million in funding from firms such as Andreessen Horowitz.
He founded Gumroad late last year.
(Reporting By Sarah McBride; Editing by Maureen Bavdek)