ESnips Secures $2m For Media Sharing Site

Israel based social networking and user generated media sharing site eSnips is announcing the closure of its Series A funding with $2 million from Greylock Partners and Gemini Israel Funds. Users buy and sell art, music and other user generated content on the site. The company says it has registered nearly one million users since launching this March. See our previous coverage of eSnips here.

This is a company that takes a remarkably simple approach to serving consumer producers. They monetize storage beyond 1 GB of media and run AdSense on most pages. Purchasing items on eSnips currently goes on through PayPal. I wouldn’t be surprised if this new funding is used in part to develop or purchase an ecommerce tool that eSnips can generate revenue with. They certainly have built up a vibrant user community in a short period of time.