Instagram is set to raise a massive Series B round of venture financing and, according to AllThingsD, the round will be led by preeminent VC firm Sequoia Capital — the same firm that funded the likes of Apple, Google, YouTube, PayPal, Oracle, and Yahoo!. The company will reportedly be raising $50 million on a $500 million valuation, which is a hefty price point for a 17-month-old company that has a headcount of 13. The service boasted 30 million iPhone users prior to its Android launch earlier this week, after which they received 1 million new signups in less than 24 hours. Now all they need to do is figure out a way to turn their success into dollar bills…

(via AllThingsD)

Image credit: Instagram founders @Kevin @mikeyk by Robert Scoble


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