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Sir Richard Branson invests in new social network, Path!
Posted on April 19th 2012
'Path' is a new social network to rival others like Facebook, but with a little twist, it is a mobile-centric social network. This means that members can only access their accounts via the use of their mobile device which can be downloaded by the Apple App Store and the Android Marketplace. Path was created by former Facebook employee Dave Morin in 2010, and the social network surprisingly only allows its members to have 150 friends.
Path's original high profile investors include the likes of serial technology investor Ashton Kutcher who has previously invested in such ventures as Foursquare and GroupMe. But during the site's latest round of investment which managed to generate more than $30 million, Sir Richard Branson was one of those investors.
Last month Path felt the wrath of its members because the site was automatically uploading users' mobile phone contact details and storing the information without gaining proper consent from its members.
From this, Morin was forced to apologise for this and changed the mobile settings on Path. Currently, Path members are now asked whether they want to opt in to share their mobile address book with the site.
A spokesman from Apple said at the time; "Apps that collect or transmit a user's contact data without their prior permission are in violation of our guidelines.”
Path has other high profile investors which include;
- Yuri Milner, the Russian investor in Facebook, social games company Zynga and Twitter
- Mark Pincus, the chief executive of Zynga
The news of Path comes only weeks after the acquisition of Instagram by Facebook who snapped up the deal for $1 billion.
Path who currently has two million users has yet to roll out the commercial version of the social media network.