Color us surprised: this unknnown app attracted $41 million
If you think an unknown Android and iOS app accompanying a pre-launch website is not worth a penny, you may be one of millions. But Color, as this app is called, attracted the mind-boggling not one, but $41 million of venture capital without much effort. The investment comes from Sequoia Capital in conjunction with Bain Capital and Silicon Valley Bank and is the largest ever invested by them in a website that's not yet released. The secret? The application promises to link you with other people based on the location of images you have taken. Cool? Yes. $41-million worthy? We doubt it.
The real secret, though, might be in the people standing behind this project, not the actual product they currently have. There are 7 founders including Bill Nguyen, famous for the Lala music service, which he managed to sell to none other than Apple and Peter Pham, ex-VP of business development in Photobucket. The whole project seems just like a regular social network, except for the fact that it relies largely on your location. The distance between you and other possible connection should be up to 150 feet, but this doesn't seem like it's going to spur a massive social network does it? If you're interested check it out on the Android Market and the App Store – it's free.