The new photo sharing app, Color, received $41 million in pre-launch funding from Sequoia and Bain Capital.
In Living Color: Take photos or videos and use Color, the location based photo sharing app, to create a group album with people within 150ft of you.
Legendary VC firms Sequoia and Bain Capital are investing $41 million in photo sharing app Color. And that's before the app had launched.
The people behind Color have impressive resumes, so the investment could be justified on that level. Two prominent names among Color's founders: Bill Ngyuen, who sold music sharing app Lala to Apple, and Peter Pham formerly CEO of BillShrink.
Regardless of those names, it caused people in the tech world to start hyperventilating. After all, it is a lot of money. And it is in a crowded space.
But those people hadn't played with the app. Maybe Color is amazing. Maybe it will earn Sequoia and Bain a crazy return on their money.
We took Color for a short spin this morning.
We have bad news for those VCs. On first blush, the haters are right. It's a strange experience, not worth $41 million.
But, it's the early days, so there's still a chance it could be a hit. Never say never. Especially when a company has enough cash in the bank to pivot, iterate, or do whatever it takes to be a success.