Path closes $25 million in Series C
Path, the popular private mobile social network, has raised $25 million in Series C funding. Bakrie Global Group of Indonesia was added as a new investor.
According to Re/Code, this round is an up-round from Path’s last investment in 2012 of over $30 million with a valuation of around $250 million. Investors that participated in this round included existing investors Greylock Partners, Kleiner Perkins, Index Ventures, Insight Venture Partners, Redpoint Venture Partners, and First Round Capital.
“We are excited to participate in Path’s growth moving forward,” stated Bakrie CEO Anindya Bakrie. “With solid management team and relevant development plan, Path will continue to connect more Indonesians in a personal, meaningful and productive way.”
Path has now raised a total of around $65 million. The company raised $10 million in 2011. Morin told Re/Code that he talked to many U.S. investors for their latest round of funding, but he was especially interested in finding a partner in Asia.
Path will be using the funding for growth and engagement purposes. The company will also continue to expand their revenue efforts.