Instagram, a photo-sharing application for the iPhone that has enjoyed almost immediate popularity since launching in October, has raised $7 million in its first major round of funding, the startup announced Wednesday.
The round was led by Silicon Valley-based venture capital firm Benchmark Capital and a roster of recognizable investors, including Twitter and Square founder Jack Dorsey and Quora co-founder Adam DAngelo. Benchmarks Matt Cohler will join Instagrams board of directors.
The new funds will fuel the growth of the startups engi! neering team, as the product scales and develops new features.
In late December, Instagram announced that 1 million users had registered for the service. Now, four months in, Instagram has attracted 1.75 million members, whom collectively upload around 290,000 photos per day.
Last Thursday, it introduced a new hashtags feature that opened the service up to brand campaigns. News media outlets like NPR are already using the app to distribute photos and connect with fans.
More About: adam d'angelo, benchmark capital, funding, instagram, jack dorsey, matt cohler
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