AllThingsD reports that Path – the personal life-sharing service has just raised $40 million in Series B funding round at a valuation of $250 million.
Path has an extremely slick iPhone app in the App Store (iTunes link) and had crossed 2 million users back in February.
Path, the mobile social networking start-up, is planning to announce it has raised Series B funding as early as tomorrow, according to sources.
Redpoint Ventures led the $40 million round, which values Path at $250 million.
Path seems to have weathered the bad publicity it received when Singapore based developer and blogger Arun Thampi discovered that Path’s slick iPhone app uploads your entire address book to its servers while he was trying to hack it to implement a Path Mac OS X app.
The deal comes hot on the heels of the whopping $1 billion acquisition of Instagram by Facebook last week.
Path had received $8.65 million in Series A funding back in February 2011 led by Kleiner Perkins Caufield & Byers and Index Ventures.