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Path approaches a $1 billion valuation

Path

Path the private social network is raising some more funds to keep the lights on in the offices as it were, the company could receive a valuation as high as $1 billion. According to some sources the company is looking for $75 to $100 million in investment in this round of funding. The private social network has had a high growth period in the past few months but it is yet to attract any investment from financing companies.

The company has been reported in having something up it’s sleeve if they don’t get investment soon, this tactic is rumoured to be Path seeking to be acquired, Path has raised $42 million up to now. The service has 12 million users and was founded by a former Facebook employee, but lately there has been some controversy around the service since they were accused of spamming their users.

Path just last year was valued at $250 million when they were seeking to raise $30 million, Google offered to buy the company back in 2011 for $100 million so a valuation of $1 billion would be a massive leap for the service. Like any of the Mark Zuckerbergs of the world the founder of the company turned down the offer in favor of raising more money for the service.

Source: TechCrunch