Everyone has startup fever again after Facebook’s huge purchase of Instagram last week, perfect timing for Path to announce a $30 million round of funding led by Redpoint.

“We are delighted to announce that last week we closed a significant round of funding with a new set of investor partners,” CEO Dave Morin. “It is important to us to work with investment partners who share common values around quality and building for the long term. Our ‘Path’ has only just begun, and we are looking forward to continuing to bring world-class design and simplicity to the world of mobile personal networking.”

Of note is the change in focus. Rather than using the terms “journal” or “tagging” they’ve opted move forward as a “mobile personal networking” app. This is significant because it plays towards the goal of another huge buyout. If they can position themselves as the app that mobile users go to when out and about doing their social activities, they could be next in line for a buyout from any of the big social networking players including Facebook, Twitter, Google, and (unlikely but possible) even Microsoft.

Sir Richard Branson is one of the notables involved in the round of funding.