A source who is close to the company said social media network Path would be closing a financial investment round worth more than USD7 million. The investment round had been backed by Facebook co-founder Dustin Moskovitz and Path's family and friends, said the source. The investment commitment, however, had retained the company's market valuation to just USD250 million.

The funding news came at the heels of the departure of several key team members of Path. Yesterday, TechCrunch heard that Path Head of Business Matt Van Horn had tendered his notice to pursue a new venture with Nikhil Bhogal, Path's ex-iOS developer. Product Designer Danny Trinh was also heard by the tech news website to have left the company right before Path laid off 20% of its workforce in October.

Path confirmed the departures to TechCrunch today. However, the company refused to provide comment about the new funding.

Path co-founder and chief executive Dave Morin said about his former employees in an email, "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. I'm thrilled for them both as they follow their respective entrepreneurial pursuits."