It’s been a long, hard road for Dave Morin’s Path, as it has seen lagging growth in a tough (“fruit fly experiments” anyone?) social market. These data points mean that it’s had to trim down staff — and that it took awhile to raise its latest Series C funding round.
We’ve heard that Path’s Head of Business Matt Van Horn gave notice yesterday, in order to co-found his own company with Path iOS developer Nikhil Bhogal. We’ve also heard that Product Designer Danny Trinh left to raise funding for his own startup right before the company’s 20% layoffs in October. Both had been at Path for three years and had been co-workers at Digg before that.
But rumor has it that the bumpy road is about to get a little easier. According to one source the company is set to close an over $7 million raise (between $7m -$10m) from Morin-pal and former Facebooker Dustin Moskovitz, at a flat valuation around $250 million, the same as the last round reported.
It has been said that “friends and family” would also join the funding, though the size of that portion is unclear.
Path today confirmed to TechCrunch that Van Horn, Trinh, and Bhogal had recently left, outside of its layoffs. “I had been considering starting another company in 2010,” Van Horn said over the phone, “But Dave (Morin) told me to come join Path and I believed in his vision. I’ll continue to be a loyal Path user and an evangelist for the company.”
“Matt and Danny have been awesome team members at Path and I’m grateful to them both for being a part of our team and giving their all,” Morin wrote in an email,”I’m thrilled for them both as they follow their respective entrepreneurial pursuits.” Path declined to comment on the additional funding rumors.