Instagram has become a behemoth of a photo-sharing site and based off its more than 30 million users and the release of its Google Android based app version last week the company is believed to be close to a new round of massive funding.
According to AllThingsD the San Francisco-based startup plans to grab $50 million in Series B funding which would be led by venture capital firm Sequoia Capital and which would valuate the company at $500 million.
You may recall that back in February 2011 Instagram raised $7 million from Benchmark Capital and a group of big name tech guru’s including Square and Twitter founder Jack Dorsey.
During initial funding Instagram had just 1.75 million registered users.
While the company is looking for massive funding the size of its workforce is rather small with just 13 people occupy the company’s office. Instagram took its first big people steps recently when it moved out of Twitter’s old offices into its own space in the South Park District of San Francisco.
Almost every other picture I see online now has an Instagram effect applied to it and various company’s are using the Instagram API to create fun and interesting applications that incorporate the company’s photo platform, I wouldn’t be surprised if the company nears 100 million Instagram users by the end of the year, especially with an Android app finally available for the platform.
Do you think Instagram is worth a valuation of $500 million?