Instagram photo editing and sharing service raises $7 million
The company behind the popular iPhone app started out “scrappy, humble and agile,” wrote chief executive Kevin Systrom in a blog post Wednesday. Now, with the help of Facebook alum and Benchmark general partner Matt Cohler, it has a hefty hunk of financing that it plans to use building an engineering team.
With nearly 300,000 photos posted daily, Instagram has also attracted support from bold-name angel investors Adam D’Angelo (co-founder of Quora and former chief technology officer at Facebook) and Jack Dorsey (chief executive of Square and Twitter co-founder).
The mobile photo space is a hopping these days. Path, a similar sharing service, said Tuesday that it raised $8.5 million from Kleiner Perkins and Index Ventures.
-- Tiffany Hsu [follow]