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.  [Read more…]