Instagram Snaps Up $7M
Just hours after rival Path announced its own $8.65 million funding round, San Francisco-based mobile photo sharing startup Instagram announced on its blog that it has raised $7 million in new venture financing. Benchmark Capital led the round, with individual investors Jack Dorsey (of Square and Twitter fame), Adam D’Angelo (Facebook and Quora), and Chris Sacca (Google and Lowercase Capital) joining. Seed-stage investor Baseline Ventures also chipped in. Instagram says almost 2 million people have signed up to use its iPhone photo editing and sharing app since the company launched four months ago.