After a month of rumors surrounding a funding round being picked up by mobile social networking startup Path, the company has finally closed the deal and officially announced that it has raised more than $30 million in Series B financing. The round was led by Redpoint Ventures, and includes a number of other investors, including Sir Richard Branson. Other investors in the round: Greylock Partners, Jerry Murdock, Kleiner Perkins Caufield & Byers, Index Ventures, Mark Pincus, Yuri Milner and Allen & Company.
Here’s a handy quote attributed to Path founder Dave Morin:
“We are delighted to announce that last week we closed a significant round of funding with a new set of investor partners. It is important to us to work with investment partners who share common values around quality and building for the long term. Our “Path” has only just begun, and we are looking forward to continuing to bring world-class design and simplicity to the world of mobile personal networking.”
And here’s a link to the blog post by Redpoint announcing why it led the investment in Path. Among other reasons, it was because the firm was “struck by the combination of audacious vision, intellect, product sense, leadership, humor and modesty of Dave Morin and the design brilliance that Dustin Mierau brings to Path.”
News about the funding round was first reported by TechCrunch a month ago, with Business Insider nailing details about Redpoint leading the investment. And the whole thing resurfaced again earlier Monday in a report from AllThingsD.
I’m terribly happy for Dave Morin and co.: After all, Path is one of the few apps that I use every day and keep on the home screen of my iPhone. But Om has a bit more tempered view of Path’s potential success. Check out his story on why Path is no Instagram here.