Color.com Raises $41 Million For Building Location Photo- and Video-Sharing Social Network

Color.com is a service that came out of nowhere this week and shocked the press. The company has developed an application for smartphones that automatically lets you share photos with the people around you. Essentially they are calling it photo sharing with an “implied social network.”

What sets this service apart from Facebook is that people are interested in those around them that they have not met yet. Twitter, Foursquare, and Gowalla have proven this. Three major investors have put $41 million in Series A funding into Color.com. Bain Capital Ventures, Sequoia Capital, and Silicon Valley Bank have all put money into this round.

The team behind the company has an impeccable record as well. Color.com CEO Bill Nguyen recently sold Lala to Apple for $40 million. And co-founder Peter Pham is best known for launching BillShrink and Photobucket. DJ Patil, former chief scientist at LinkedIn had created how to benchmark and compare data accurately using location. “We have no interest whatsoever in being acquired,” stated Nguyen. “This is purely what we need to operate. There are real data needs and real capital costs.”

The homepage of Color.com states “simultaneously use multiple iPhones and Androids to capture photos, videos, and conversations into a group album. There’s no attaching, uploading, or friending to do.”

[ReadWriteWeb]

Related posts:

1. Zoopy: South Africa’s First Video/Photo Sharing Social Network
2. Photo Sharing Website DailyBooth Raises $6 Million
3. Social Gaming Network Raises $15 Million For Social Game Distribution
4. Photo Sharing Service Photorocket Raises $1.3 Million
5. Exaroom Introduces File-Sharing Widget And Mashes It With Social Network