Report: Path Is Seeking Funding At A $1 Billion Valuation
Path is a social networking photo sharing and messaging company that is seeking funding at a $1 billion valuation. According to TechCrunch, Path is looking to raise between $75 and $100 million. Path cited their growth as a reason for pursuing the funding. Path has raised $41 million in funding thus far.
April hit 10 million registered users this past April. Last month, Path hired Dylan Casey from Yahoo! where he was the director of product management. The company also made a deal with Sprint to have their app pre-installed on several phones.
When Path first launched, it was a photo-sharing service and did not really take off. Path was also had to deal with a privacy scandal because they collected and stored data from users’ address books without permission. The company had to pay an $800,000 fine to the Federal Trade Commission.
Upon hitting this valuation, Path will join the likes of other tech $1 billion companies like Spotify, Airbnb, Pinterest, Dropbox, and Evernote. Facebook also acquired Instagram for $1 billion and Yahoo! bought Tumblr for $1.1 billion. Google also bought Waze for $1 billion at a price that is rumored to be higher than $1 billion.