Path confirmed in a press release and earlier report that it raised a substantial series B round of financing. The company secured $30 million in a round that includes Redpoint Ventures, Sir Richard Branson, and Zynga founder Mark Pincus.
This is what Path revealed in a blog post:
With Path, the market and idea are equally compelling. Dave has re-imagined a world where mobile devices are the center of a person’s social fabric. By building an extremely personal and mobile-centric social network, Dave has tapped into the essence of what people like to do with their devices day in and day out — stay connected and share experiences. By creating a network that is both impeccably designed and conveniently available in your pocket all the time, Path has created the first truly personal network that allows people to express themselves to their family and friends in ways they can’t, or wouldn’t, do anywhere else.
Here is our original story.
It’s a good time to be an app-conceived social network.
One week after Instagram was snapped up by Facebook for a cool billion dollars, now comes word from All Things Digital that Path just raised $40 million. RedPoint Ventures reportedly led the round, which values Path at $250 million.
Path, which is available for iOS and Android devices, is a social network that limits user relationships to 140 contacts. It is available exclusively on mobile devices. The company previously raised $8.65 million from Kleiner Perkins Caufield & Byers, Index Ventures and Digital Garage Japan in a Series A round that closed in early 2011.
Path CEO Dave Morin previously worked at Facebook for four years.
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