Path Raises $40 Million In Funding And Worth $250 Million
If you prefer your social networking to involve only the people you know and trust then Path social network might just be up your alley. Launched in 2010, the platform lets users share photos, videos and location data with people that are considered ‘very close’.
According to the platforms founder and CEO, Dave Morin, the Path application is growing at a rapid rate and currently has around 2 million registered users. Morin cites the growing appeal in Asia which he says accounts for a big chunk of the growth seen by Path in the last few months.
The growth and buzz surrounding Path has attracted some serious interest from venture capitalists in the Valley. The company is reportedly close in sealing a $40 million funding round which will value it at a whopping $250 million. The funding round will be led by Silicon Valley giant, Redpoint Ventures who will be joined by a few other undisclosed VCs. Not bad for a company that only has 2 million users.
The money of course is expected to be used to make Path more of a presence in the Western markets as well as increase the already growing traction in Asian markets. We think $40 million should go a long way in doing that.
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