Color, a social network that allows users to share photos with their IOS and Android mobile devices, has received a $41m financing.
Since September 2010, the company has received backing from Bain Capital Ventures, Silicon Valley Bank, and Sequoia Capital. According to reports, Sequoia recently committed $25m.
Color plans to use the capital to rapidly develop and advance its infrastructure, which is designed to analyze a huge amount of location information.
Founded by Bill Nguyen, a serial entrepreneur who sold Lala to Apple in 2009, Color is developing a free app that allows users to share their photos and videos and chat simultaneously in real time with people around them.
The service requires no username or password.