TechCrunch recently posted a story about a tech startup that’s producing the new social photo app for both iPhone and Android. Colorâ„¢ is a group camera for recording photos and videos from multiple iPhones for sharing with everyone around you. Take pictures simultaneously with different iPhones and iPod Touches into a single group album. Albums are open to everyone to share. TechCrunch likens it to a social photo Twitter.

The app is special in that Color, the parent company, received $41,000,000 in start-up capital. That’s right… forty one million.That’s more than Google got.

I’ll be taking a closer look at the app in the coming days.

Color (the company) has some pretty impressive people on board, including former talent from Lala, BillShrink, and LinkedIn. They hope to reshape social networking. To me, they seem to be making a few initial missteps which could cost them valuable user equity initially and potentially render the app an also-ran on the iPhone platform before it ever hits its stride.

First, I was lucky to even find Colorâ„¢ (the app). In iTunes, I did a quick search for “Color” in iTunes and my first screen had a hundred different returns called “Color” or with the word color in the name. None of them were the app I was looking for. I eventually found the app from the developer’s website. I’ve posted the link here so you don’t have to search like I did. Colorâ„¢ is a great name for a photo app, but it’s fairly difficult to find in the App Store. A search for the app brings up a lot of noise.

Although it’s a camera and video sharing app, it’s not listed in the Photography tab of the App Store. It’s under Social Networking — not really where one would first look for a photo app.

I just downloaded it. It took me a while to find. I haven’t used it yet. But I suspect that this app will be hard for a lot of users to find until word-of-mouth spreads and it finds its way into the Top 25 of social networking apps. It’s currently at 46.

UPDATE 03.24.11: It looks like users are able to find the app. One day after first posting this, Colorâ„¢ is now in the top 10 free social networking apps and shows up in the top of an iTunes search for “color”. =M=

Colorâ„¢ is a free download. Requirements: Compatible with iPhone, iPod touch, and iPad. Requires iOS 4.0 or later.

Colorâ„¢ - Color