Instagram Reaches 27 Million Registered Users And Says Its Android App Is Nearly Here

Instagram, the photo-sharing app that has taken a definitive lead on iOS, said it has surpassed 27 million registered users. Co-founder Kevin Systrom didn't disclose daily active users. But he did say of all the users who have been active in the last week, 67 percent of them used the app yesterday. "It's Facebook-level engagement that we're seeing," Systrom said. He didn't really offer any clarity on rumors that the company is raising $40 million at a $500 million valuation. "Good companies are always fundraising," he said. "Whether you're meeting people or considering firms, you're always fundraising. But it doesn't mean we're active. We're trying to create a long-term, viable company that doesn't come and go with fads. It should be something that lasts and creates meaningful value."

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