Path closed a $30m round of Series B funding on Monday, giving the mobile social network a $250m valuation.
The current round was led by Redpoint Ventures, with several other investors participating, including Sir Richard Branson, head of the Virgin empire, who said he is betting as much on Path’s chief executive, Dave Morin, as his product.
Path was founded as a smaller, more private alternative to Facebook, limiting users to 150 friends, and has since found a cult-like following among Silicon Valley technologists and designers. It had 2m users as of last month.
Other investors who participated in the current funding round include Greylock Partners, Kleiner Perkins, Index Ventures, Mark Pincus, chief executive of Zynga, Yuri Milner, founder of investment firm Digital Sky Technologies, Jerry Murdock, co-founder of Insight Venture Partners, and Allen & Company.
“It is important to us to work with investment partners who share common values around quality and building for the long term,” Mr Morin said. “Our ‘Path’ has only just begun.”
The company said it will use the new financing for international growth and expansion. The round bring Path’s total funding to more than $41m.