Photo: Dave Morin
There aren’t many surprises in the press release announcing Path’s new round of financing.Alexia Tsotsis of TechCrunch reported it would raise about ~ $30 million; it did. We reported Redpoint Ventures would lead the round; it did. AllThingsD said the news would be announced yesterday or today and it was.
Redpoint says it led the investment in Path’s new $30 million+ round for a few reasons.
Founder Dave Morin was a big draw. The firm writes, “We just knew we had to be in business with whatever it is that Dave is involved in.” It also said Path’s “market and idea were equally compelling.”
“By creating a network that is both impeccably designed and conveniently available in your pocket all the time, Path has created the first truly personal network that allows people to express themselves to their family and friends in ways they can’t, or wouldn’t, do anywhere else,” writes Redpoint.
Path’s other investors are Greylock Partners (David Sze), Jerry Murdock, Richard Branson, Kleiner Perkins (Chi-Hua Chien), Index Ventures (Mike Volpi), Mark Pncus, Yuri Milner and Allen & Company. It has raised about $42 million total.