Thriving in perhaps the hottest segment of digital media, mobile social network Path has reportedly raised $40 million at a valuation $250 million. Not an instant hit, however, “It was rejuvenated after a successful redesign late last year to become a personal journaling app with ways to share travel, sleep, photos, locations and workouts through a Nike partnership,” reports AllThingsD.
In February, Path CEO Dave Morin said the app had two million registered users. To date, not even Facebook has successfully cracked the mobile social media code, leaving the space wide open for upstarts like Path to stake their claim. According to AllThingsD, Path is “often mentioned as a buyout target, but Instagram is the app Facebook scooped up for $1 billion last week.”
Yet, considering that Instagram is more image-focused and Facebook has deep pockets, there’s no reason why the social giant could make a play for Path, too. At the beginning of 2011, Path’s raised $8.65 million from Kleiner Perkins Caufield & Byers, Index Ventures and Digital Garage Japan. According to AllThingsD, this new Series B funding round is being led by Redpoint Ventures.