Path is getting ready to announce the results of another multi-million dollar round of funding. At the beginning of 2011, Path announced an $8.6 million round that included contributions from Digital Garage Japan, Kleiner-Perkins-Caufield & Byers, and Index Ventures. Redpoint Ventures has led the latest round which is said to have generated an additional $40 million for Path.

Business Insider reported on the funding round at Path in late March and sources told them the valuation was set at $250 million. Path has undergone considerable changes since their launch and currently have over two million registered users.

Path is designed to be a sort of personal journal app, but in 2010 when it first became available, it was a photo sharing experience more than anything else. Today, a strategic partnership with Nike lets you share workout details with friends and family, send travel information, share location information, and even transmit sleep details. It is evolving quickly and ideally this latest round of funding will go toward more innovations for the app.

The ‘Smart Journal’ is available for iOS and Android devices and doesn’t cost users anything. Much of Path’s growing popularity is in international markets. Recently we reported that Path is taking the crowd source approach to expansion in foreign markets and have partnered with Smartling, a translation specialist, to make the collaboration possible.

Here’s what Path had to say about the expansion on their blog at the beginning of this month:

“Today we’re taking another step to improve the Path experience for those of you abroad. We have set up a new translation platform, powered by Smartling, which allows you to sign up and edit the languages available for Path, submit translations and work with others to ensure your language is fully supported in future versions of Path.”

So we can expect more great things from Path soon as they continue to grow and invest in new projects to expand the reach of their services. Technology companies like this can be hard to predict, but I would bet Path will be a winner for investors this year.