What is Instagram?
Instagram is a free photo sharing application for mobile phones, has social features and built in filters that make your photos look professional, is available on Android and iPhone platforms. Overall, Instagram provides “Fast and Beautiful photo sharing experience.”.
Who are the Founders?
Instagram was founded by two Stanford University graduates Kevin Systrom and Mike Krieger. Kevin Systrom is also an ex-Googler and ex-intern at Twitter. They first started working on Bourbon which ended up becoming Instagram.
When launched on Android platform on April 2012, Instagram gained 5 million new users less than a week. Shortly after Android launch, Facebook announced that Instagram was acquired for $ 1 Billion. When acquired by Facebook, Instagram had only 13 employees and 9 investors.
Instagram is a true success story for all entrepreneurs.
Instagram won many awards in two years.
- The runner-up for ‘Best Mobile App’ at 2010 TechCrunch Crunchies
- The winner of ‘Best Locally Made App’ at 2011 SF Weekly Web Awards
- In December 2011, Apple named Instagram ‘App of the Year’ for 2011
Funding and Acquisitions
Series A: February 2011
In Series A funding, Instagram was valued at $25 million and raised $7 million from series of investors. Adam D’Angelo (Quora), Jack Dorsey (Twitter, Square), Chris Sacca (Twitter, bit.ly), Baseline Ventures and Benchmark Capital.
Series B: April 2012
In Series B funding, Instagram was valued at $500 million and raised $50 million. Sequoia Capital, Thrive Capital, Greylock Partners, Benchmark Capital and Baseline Ventures.
Grand Total: $57.5 million
Acquired by: Facebook
On April 2012, Facebook acquired Instagram for $1 Billion with terms of cash and stock.