Three months ago social networking service Path laid off 20 percent of its staff “to support continued innovation,” followed shortly thereafter by the departure of its head of business, all sparking curiosity into just how well it was doing as a company. That apparently did not spook investors, who have just put another $25 million into the venture as part of a series C round, reports ReCode.
Path picks up another $25 million in funding, just months after layoffs
Paying for the next major version
New among those investors was Indonesia’s Bakrie Global Group, which led a group that included several companies involved in past funding. All told, the round brings total investments in Path to around $65 million. The company's last big round was around $30 million in 2012.
CEO Dave Morin told ReCode he plans to use the funding to grow the company, especially in Asia where he says the app has performed well. Path is also working on the fourth version of the service, with the last major update adding things like private messaging, and an online shop in March 2013. Worldwide, Path has around 23 million users, though it does not break out how that splits up by country.
Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.
