Mobile social network Path is set to announce the close of a $40 million Series B funding round, led by Redpoint Ventures. The investment gives Path a $250 million valuation.

The news was confirmed today by AllThingsD, citing unnamed sources, having initially been revealed by Business Insider.

Multiple outlets were unsuccessful in reaching CEO Dave Morin for comment.

Path in 2011 received $8.65 million from Kleiner Perkins Caufield & Byers, Index Ventures and Digital Garage Japan.

Morin said in February that the social startup has 2 million registered users for Path. AppData breaks that down into 150,000 daily active users and 490,000 monthly active users.

Path is designed as a personal journal meant to be shared only among actual friends. For that reason, no user can have more than 150 people in their Path group.

Related links:

Path – official site

AllThingsD – Confirmed: Redpoint Leads $40M Funding Round for Path

Business Insider – RedPoint Ventures Might Have Just Bought Itself A $40 Million Headache

CNET – Path, Instagram, and the Greater Fool Theory

Business Insider – Path’s Round Is At A $250 Million Pre-Money Valuation Led By Redpoint Ventures

GigaOm – Why Path is no Instagram

VentureBeat – Path raising $40M round led by Redpoint. No, it won’t be the next Instagram.

AppData – Path