The private social network Path is apparently raising more funds, and this time around, the company’s valuation could go up to $1 billion, report TechCrunch’s Leena Rao and Alexia Tsotsis.

Path

A source told the online publication that Path is seeking $75 million to $100 million in financing and aiming for a $1 billion valuation. The Path network has been growing quite rapidly in a fairly short amount of time, and investors have reportedly approached the company, although no concrete valuation has been set by anyone since last year.

Path Vs. Facebook

Path is a social networking app which enables its users to have no more than 150 friends. It has gained 1 million users each week in the recent past. Half a million residents of Venezuela downloaded Path’s app in just a few days, pushing the network’s user base up to 9 million.

Facebook Inc (NASDAQ:FB) has been under increasing pressure from apps like Path, and there was concern earlier this year that Path was beginning to take a chunk out of Facebook’s user base.

What Does Path’s Path Look Like Now?

There have been a lot of rumors and controversy surrounding the Path network recently. The site has been rumored to be looking to be acquired by a larger company, which may still be a possibility since it is looking for funds. According to TechCrunch, the site has raised almost $42 million in funds from a number of big-name venture capitalists like Redpoint, Index Ventures, Kleiner Perkins and others.

Currently there are 12 million users on the Path network. The site was started in 2010, and it’s headed up by Dave Morin, who was once with Facebook Inc (NASDAQ:FB). Recently it was alleged that the company’s app was spamming its users, and it had to pay an $800,000 fine to the Federal Trade Commission after it apparently uploaded the entire address books of its users into its servers.

Path Up Until Now

Last year Path was able to raise $30 million, and it received a $250 million valuation. Jumping up to a $1 billion valuation in just one year is a significant leap. In 2011 Google Inc (NASDAQ:GOOG) offered more than $100 million for the social network, but Path turned the search giant down and chose to raise more funds instead.