It's a chaotic week for Instagram. First it becomes the darling of the app world, then its investors Andreessen-Horowitz decide to double-down on competitor Picplz instead, effectively making the company an orphan. Of course it's one sexy little orphan half of Sand Hill Road would just love to adopt. Cue swirling rumors that Instagram is in the process of putting together a series A and even weirder rumors that the company is selling to Facebook. We've called Instagram, people close to Instagram and the top five likely suspects that would be doing the deal or have knowledge of that deal and every single one has told us both rumors seem made up out of whole cloth, and that while the company has had the normal "Ok, we'll call you when we're ready" conversations around the Valley, no deal is imminent. "We're not selling to Facebook, we are not selling to anyone and we are announcing that to our users because they have been worried," Instagram CEO and co-founder Kevin Systrom says. "Of course at some point we're going to be raising a round, but I haven't even created a pitch deck. I haven't signed a term sheet. We're sitting in the office programming all day. We're just not at the stage where we need to raise a series A." Indeed, the rumors seem to have caused more problems in the short term for the hot, young company. 
Source: http://feedproxy.google.com/~r/Techcrunch/~3/T3-r4NcoHVM/
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