Owen Thomas, Business InsiderMobile-only social network Path is raising a new round of funding between $75 million and $100 million, Leena Rao and Alexia Tsotsis of TechCrunch report.
The new round could give Path a valuation as high as $1 billion.
Last April, Path hit 10 million users and was growing at rate of 1 million new users a week. Some people claimed the growth was due to Path's sign-up process. But Path CEO Dave Morin maintains that the app doesn't spam its users.
Last year, Path raised a round of financing valuing the company at $250 million. As TechCrunch notes, a $1 billion valuation is a pretty big jump from the $250 million valuation Path had last year.
We reached out to Path, but a company representative declined to comment on the report.
More From Business Insider
- The $40 Billion Chinese Plan To Build A Waterway Across Nicaragua Sounds Ridiculous
- The Social Media Advertising Ecosystem Explained
- Rupert Murdoch Has Filed For Divorce From Wendi Deng