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The round was led by Silicon Valley-based venture capital firm Benchmark Capital and a roster of recognizable investors, including Twitter and Square founder Jack Dorsey and Quora co-founder Adam D'Angelo. Benchmark's Matt Cohler will join Instagram's board of directors.
The new funds will fuel the growth of the startup's engineering team, as the product scales and develops new features.
In late December, Instagram announced that 1 million users had registered for the service. Now, four months in, Instagram has attracted 1.75 million members, whom collectively upload around 290,000 photos per day.