New iPhone photo-sharing app raises $41 million

A new iPhone and Android app that allows users to share photos and videos with others within 150 feet of them has raised a massive $US41 million.

The app, Color, is designed so users can have real-time access to videos and even text messaging from smartphones around them. The company behind the app says this does away with the need for passing around cameras or uploading images online.

But the most surprising aspect of the new app is that it has raised $US41 million in financing from Bain Capital, Sequoia Capital and Silicon Valley bank. While the company doesn’t specify what the money will be used for, the amount of storage capacity needed for such a venture is likely to be considerable.

The Wall Street Journal has reported that while the company was set to take $US14 million, more money was pumped in when venture capitalists became excited about the project.

“Color is the most advanced and intuitive way to share with your iPhone and other smartphones,” Color chief executive Bill Nguyen said in a statement.

“We believe real social interactions are dynamic and evolve with time.”