iFunny's been around a while but not very well known outside of its core demo. Search for "iFunny" on Twitter and you'll see hundreds of teens sharing funny memes they discovered or create every hour.
v3.0 just released with an updated visual design, removal of downvoting, and a few other minor changes.
Clearly people love this content but the UI is a bit cluttered and the barrier to create is very high. I believe there's an opportunity to create a better iFunny that's more accessible. To an extent, Bitstrips (http://bitstrips.com) has done a great job of this.
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