San Francisco – Instagram, a developer of mobile photo
alteration applications, is raising a first round of funding seeking a
valuation of about $20 million, CNET News.com reported, citing sources.
One source told CNET Sequoia Capital is positioned to be the lead investor in the
round.
Previous Instagram backer Andreessen Horowitz this week also invested $5
million in Instagram rival Mixed Media Labs, developers of the PicPlz mobile
photo application.
The move prompted speculation that the potential conflict of
interest signaled that Instagram would be sold.
Related Links:
http://news.cnet.com/8301-13577_3-20022550-36.html
