Indonesia’s Bakrie group leads $25m Path round
Indonesian conglomerate The Bakrie Group has reportedly led a $25 million Series C round of funding for Path, a San Francisco-based social network platform. Existing investors also participated in the round, including Greylock Partners, KPCB, Index Ventures, Insight Venture Partners, Redpoint Venture Partners and First Round Capital.
The latest round brings the total investments in Path to approximately $65 million, including $30 million raised in 2012 and $10 million in 2011. The fresh capital will be used to support growth of user base, develop revenue strategy, and pursue innovation, according to a statement.
Founded in 2010, Path works on mobile devices and enables users to share songs, videos, messages, and photographs. It currently has more than 23 million users globally, of which 25% coming from Indonesia.
Dave Morin, founder and CEO of Path, told tech publishing Recode that completing the transaction "was on the more difficult side, after a challenging 2013."
"With solid management team and relevant development plan, Path will continue to connect more Indonesians in a personal, meaningful and productive way," said Bakrie CEO Anindya Bakrie.
The Bakrie Group have diversified businesses including mining, oil and gas, real estate, media and telecommunications. Current patriarch Aburzial Bakrie is the chairman of the country's largest political party, Golkar, and is running for president in Indonesia this year.
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