Path, the maker of a private social network for your closest friends and family, has raised $25 million in a third round of funding. The new investor leading the round is Indonesia’s Bakrie Global Group, according to Kara Swisher atRe/code. Dave Morin, CEO of Path, confirmed the funding to Re/code, bringing the total amount raised to $65 million to date. Morin said the round was an “up round,” meaning the valuation was higher than the previous round in 2012, when the company raised $30 million at a $250 million valuation.
It’s been a bumpy road for Dave Morin’s Path, as manic rumors over the last year have pegged the “private” social network at once as the subject of lagging growth, shrinking staff and potential acquisitions, while at the same time raising a mega $50 million round at a $500 million valuation. Today, the company’s long path to a Series C appears to finally have come to an end. Having recently revealed an additional revenue stream with the launch of premium subscription plans and product additions like private sharing, over the last quarter, Path has been making moves that appear to have reassured investors of its long-term prospects.
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