Technology

Mobile app maker Path raises $30 mn for expansion

MUMBAI: Social networking mobile application maker Path has raised about $30 million from venture capital firms like Greylock Partners and Redpoint Ventures and individual investors such as Virgin Group’s Richard Branson and DST Global’s Yuri Milner.


With this, the investment values of the company stands at $250 million. The company will use the funds to double its staff, expand internationally and do more marketing.


Path, which had previously raised $11.2 million, is riding the new wave of tech companies that are building for mobile, not the Web. The company has been compared to Instagram that is said to be bought by Facebook for $1 billion. Path limits users to networks of just 150 people, which Morin has said is more in line with the number of meaningful friendships people have in real life.


Path, which has nearly 3 million users, is looking to connect people in more intimate ways than Facebook. It limits its users to 150 connections. The average user connects with 40. It plans to sell a premium version of its app.


Just over a year ago, Path raised $8.65 million from Kleiner Perkins Caufield & Byers, Index Funds, and others.


Path is the brainchild of former senior Facebook executive Dave Morin and Napster co-founder Shawn Fanning.

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