Cambridge, Massachusetts based company Tipjoy has raised an amount of $1 million in the first round of funding. The round was lead by Betaworks which is a seed stage platform for building internet based businesses and investments. The site lets you leave tips regarding stuff they like online and also make micro-payments for other websites including blogs. Currently they are charging 10 cents on every $1 transaction.
According to Chief Technology Officer and co-founder of Tipjoy, Ivan Kirigin, PayPal model is not good enough for small transactions and is broken. The site certainly seems to change the Paypal model with some better one.
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[...] Tipjoy raises $1 million in Series A [...]
[...] letting its users learn and get tips from their fans, Tipjoy was unsuccessful at finding the right tip to keep itself breathing. The startup announced earlier that it wont be in [...]