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.
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.
Path – official site
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AppData – Path