twitter funding

Twitter Adds Another $35 Million in the Twiggy Bank

Hot on the heels of our news last month that Twitter was rumored to be raising more venture capital (at a $250 million valuation), Biz Stone is reporting on Twitter's official blog that Twitter has, indeed, closed another round of funding - their third - and has secured another $35 million in new venture capital.

The company had previously hinted that it would not be seeking new venture capital in 2009, and Biz Stone has stated that they still haven't used all of the funding from their last round fund-raising, but the third round of funding - headed by Benchmark and Institutional Venture Partners, was welcome music to the ears of Twitterers the world around, many of whom have become concerned with Twitter's current lack of an announced business model.

According to Stone, those profits are not far off. On the topic of Twitter's plans for the future, Stone said the company is well-positioned to "begin building revenue-generating products." That's good news, since rivals like Yammer have recently been securing venture capital of their own.

Bottom line? Twitter's not going anywhere - at least not until they can find some way to burn through $35 million.

Twitter about to announce a VC round?

Venturebeat posted today that Twitter is about to announce a VC round.  It very well could be rumour but they say that Charles River Ventures has invested and the round is close to being completed. 

 

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