Social Networking Startup founded by former Facebook executive raises $8.75 Million

Path, a social networking startup, whose one of the founders is former Facebook executive Dave Morin; other is the Napster creator Shawn Fanning, has raised $8.75 million in venture capital. The money came from venture capitalists Kleiner Perkins Caufield & Byers, Index Ventures and Digital Garage Japan.

About Path:

Path, a San Francisco-based startup, was launched in November 2010.

Calling itself “the personal network”, is a social networking-enabled messaging and photo-sharing service for mobile devices that limits a user’s connections to 50.

According to Morin, Path CEO, the capping the number of friends to 50 is backed by some sound thinking. Morin believes that to maintain the quality of exchange between the users(which networks fail to provide when they grow to size of Facebook and twitter), restricting the contacts to 50 is necessary, according to him:

“You usually have about five people whom you trust most, 20 whom you consider your BFFs that you hang out with all the time and about 50 or so who are your personal network,”.

In the first few months, more than 2 million photos and videos have been shared on Path through the iPhone and iPod Touch. The company is Path apps for Android and BlackBerry as well.

Path - Nervous at Home from Path on Vimeo.

Previously, Path raised $2.5 million in seed funding from Index Ventures, First Round Capital, Founders Fund and Betaworks, as well as from private investors such as actor Ashton Kutcher, Facebook co-founder Dustin Moskovitz and blogger Gary Vaynerchuk. --------

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