Path, the private social network that pits itself as the anti-Facebook is reportedly entering a new round of fundraising in an effort to reach a $1 billion valuation, TechCrunch said Friday. Path is now looking for an investment of $75 million to $100 million, according to an anonymous source.
The social network has experienced a recent period of rapid growth and now boasts 12 million users. It was founded three years ago by former Facebook employee Dave Morin. Path has already raised $42 million in funding this year and raised $30 million in 2012 for a $250 million valuation.
But Path has also faced its fair share of controversy in the past year. Its growth tactics, including aggressive advertisements on Facebook, have fueled rumors that the company is simply working towards a buyout. The Path app also reportedly spammed its users, while Facebook blocked the site from using its own larger database to seek out potential new users. The FTC also fined the company $800,000 over privacy issues.