Before it was even available on the App Store, the new photography/social media app Color was a hot topic, making headlines for reportedly receiving $41 million in investment start-up money from venture capital firms Sequoia and Bain Capita.
The unprecedented sum was given to the minds behind the app, Bill Ngyuen – who is well known for having been the founder of Lala, a music sharing app which he had sold to Apple and was later shut down completely, which lead to his departure from Apple.
Risking that kind of dough on an app that wasn’t even yet available is certainly an interesting move. Especially one that is so unique as Color. It purports to be an all-in-one photo based social media network for the iPhone.
Unfortunately, while the buzz from the announcement of the funds they received may have helped with the push for users to download the app, which is free, the iTunes ratings are abysmal. As of writing this they had nearly 900 ratings, at an average of 2 stars.
So, at this point is is unknown what kind of financial impact this will have on the investors, in addition to how this may effect future investors for new iPhone apps and developers.
See if you agree; download the app below.
[Source: Business Insider]
Released: 2011-03-23 :: Category: Social Networking