According to Business Insider information, the social network Path is about to raise nearly $ 20M (€ 15M), from RedPoint Venture. This third round of funding would value the company nearly $ 250M (€ 189M).
Based solely on a mobile app, focused mainly on photo sharing, Path has the particularity of offering a shocking argument: it is not a “social network”, but a “personal network”, on which you are limited to 150 friends maximum, and where you are promised that your privacy will remain private.
Due to its concept Path has therefore long enjoyed the sympathy of the general public. However, the start-up recently found itself at the heart of a scandal concerning the management of private data. Indeed, a developer recently discovered that the iPhone Path app was downloading their contact list without asking their permission. Since then, the United States Congress has opened an investigation on this subject. Nearly 33 companies would be affected by this procedure.
Founded in 2010, the start-up Path raised a first seed fund of $ 2.5M, followed by a second funding round of $ 8.65M.