New social networking venture Color raises US$41m
A new mobile social networking venture that works by proximity rather than friends or colleagues called Color has raised US$41m in venture capital from Sequoia Capital, Bain Capital and Silicon Valley Bank.
The app – which is available on the iPhone and Android ecosystems – allows you to take pictures and videos and share them with anyone in your immediate vicinity.
For example, if you’re at a rock concert or a conference you can see the different pictures people near you and around you are taking and vice versa.
Users can then share their album out on Twitter and Facebook.
The Elastic Network
The start-up is the brainchild of Bill Nguyen the tech entrepreneur who sold Lala to Apple two years ago. Its head of product is DJ Patil, the former chief scientist at LinkedIn.
The technology behind Color uses what’s called an Elastic Network that identifies from those around you who has the strongest bond with you and you will be able to see photos they are sharing if they are within 100 feet of you.
Color is one of a new generation of social photo apps that are spreading like wildfire, including Path and Instagram.