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Instagram photo editing and sharing service raises $7 million

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Instagram, the photo editing and sharing startup that launched just four months ago, now has more than 1.7 million users and $7 million from Benchmark Capital.

The company behind the popular iPhone app started out “scrappy, humble and agile,” wrote chief executive Kevin Systrom in a blog post Wednesday. Now, with the help of Facebook alum and Benchmark general partner Matt Cohler, it has a hefty hunk of financing that it plans to use building an engineering team.

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With nearly 300,000 photos posted daily, Instagram has also attracted support from bold-name angel investors Adam D’Angelo (co-founder of Quora and former chief technology officer at Facebook) and Jack Dorsey (chief executive of Square and Twitter co-founder).

The mobile photo space is a hopping these days. Path, a similar sharing service, said Tuesday that it raised $8.5 million from Kleiner Perkins and Index Ventures.

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-- Tiffany Hsu [follow]

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