It used to be that investors said "I want a part of the next Compaq". Then it was "the next Google".

What this shows is that investors now want to be a part of the next Instagram or WhatsApp. They are literally throwing away the notion of profitability or monetization. Now the model is to get as popular as possible as quickly as possible. If you win that lottery Facebook or Google will sink BILLIONS of dollars into you.

My bet is these investors are looking at an app that has existed for less than two months and think they are getting in early on the next one of those. I'd love to know what the valuation was (north of $17M at least).