$41 million. Pre-product. Wow.
Listen to this interview from Robert Scoble talking to Bill Nguyen (founder of Lala.com) and Peter Pham (founder of Bill Shrink).
Its very interesting. It discusses the future of mobile and their plan to build a new social graph known as the elastic network. I think its clear that Sequoia invested in the team and not so much the idea – though the idea is ambitious. Photos is only one part of the app. Also, check out this post from GigaOm.