Photo: Matt Lynley for Business Insider
We’ve confirmed rumours from sources close to the company that Path’s new round of financing will be at a $250 million pre-money valuation led by Redpoint Ventures.*We’re hearing the actual funding amount is about $20 million. This may be what Morin will announce at PandoDaily’s event tonight.
Redpoint Ventures also invested in Posterous, a blogging platform that could be considered competitive to Path. Satish Dharmaraj, a Redpoint partner, was on its board of directors and has been personally invested in Posterous since 2008.
Posterous was acquired by Twitter last week. Before that, investing in Path may have been a conflict of interest for Redpoint.
It may not be a coincidence that both deals were discussed during the same 7-day span.
The $250 million valuation rumour was first reported by TechCrunch.
CORRECTION: An earlier version of this post said the deal was closed per a source. Dave Morin tells us that’s not true.