Round drives social sharing startup to a $250m valuation.
AllThingsD reports Path has secured a $40 million Series B round from Redpoint Ventures, which is almost a fivefold increase on the $8.65 million the firm bagged last year. If the news is true, it means Path will be worth $250 million.
Over two million people are registered to the social diary app, which allows them to share photos, check-ins, sleep patterns and music playlists.
It's unclear what the funding will be used for but an expansion to other platforms – app currently runs on Android and iOS only – seems like the next logical step.
Instagram received a $50 million round before it was bought by Facebook and ten million new users afterwards, so it's conceivable Path may receive renewed interest from buyers and partners on the back its new wealth.
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