Path is Raising $50 Million — Is It the Ultimate Silicon Bubble 2.0 Company?


Path, the social network led by former Facebooker Dave Morin, plans on raising a $50 million Series C round at a $500 million valuation, according to TechCrunch.

One might be tempted to call Path a “hot startup.” But keep in mind a few caveats:

— Currently, only about 1.9% of iPhone users regularly access the app.

Valleywag reports that Path currently spends over $500,000 a month for text-advertisements, a.k.a. spam

–The round is still seeking a lead investor.

And not completely related: Dave Morin once told Vanity Fair that “I don’t use a ring of any kind on my phone. This is so that I am always on offense and never defense.”

He is also the husband of Silicon Valley princess Brit Morin, whose recent $6 million funding for Brit & Co. — essentially a new-age arts & crafts company — inadvertently highlighted the fact that most of her “content” is repurposed Home & Garden activities.

The evidence above would suggest a privileged bubble around a sub-par product, not to mention delusional leadership. But I’ve never actually used Path. So you guys tell me — is it any good?