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GreenDimes Raises Cash

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greendimesicon.jpgUpdate: GreenDimes founder Pankaj Shah just emailed us to confirm that the company did raise its funding.

Most people hate junk mail — how many are willing to pay to stop it? Palo Alto-based startup GreenDimes is betting a lot will, and according to PEHub has raised a whopping $20.5 million in a first round of funding, led by Tudor Investment Corporation.

GreenDime’s site says it has “tens of thousands of members” and the annual fee is $36 per year (a dime a day). For that price the company says it will reduce your junk mail by a 75% to 90% and plant one tree a month. GreenDimes was founded by entrepreneur Pankaj Shah, who also founded 4INFO and MetroFi.

We contacted the company and they have yet to confirm the investment. We’re not sure why the company needs such a sizable $20.5 million round, but we do know they have been beefing up their staff recently. And the concept has gotten a lot of media attention recently (check out their long press page). We’ll update the post when we have more info.greendimesmail.jpg