According to AllThingsD, Instagram is close to receiving new funding of around $50 million which set the company’s valuation at $500 million. Citing sourcing “close to situation,” Instagram will receive the Series B funding reportedly by Sequoia Capital. Instagram received Series A funding of $7 million led by Benchmark Capital just over a year ago. At the time, it had 1.75 million registered users. The company had 30 million iPhone users before it came to Android this week, at which point it got more than a million new users in 12 hours.
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