Los Angeles – Color, a start-up that has developed a mobile
photo-sharing application of the same name, has raised $41 million in launch
funding, from backers including Sequoia Capital, Bain Capital and Silicon
Valley Bank.
Founded by Bill Nguyen, who sold his previous company Lala to
Apple in 2009, Color on Thursday launched its iPhone app, with an Android app
set for release later tonight.
The service establishes connections based on
location, so users see photos of those near them, as well as those of social
contacts.
TechCrunch notes that this is the largest sum that veteran venture
capital firm Sequoia has ever invested in a pre-launch start-up.
Related Links:
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(TechCrunch)
