Twitter Raises Third Round of Funding, Pushes Funded Capital to over $55 Million
It hasn’t raised a dollar in revenue yet, but Twitter has now been bulked up with at least another 35 million dollars in investment. According to the TechCrunch this number is set to rise with further numbers of investing partners still unknown. The investors involved are Benchmark, Institutional Venture Partners, Union Square Ventures and Spark Capital with Benchmark and IVP bringing in $21 and $14 million respectively to the table. Union Square and Spark Capital were in fact the ones who carried the first two rounds of funding for Twitter ($5million and $15 million respectively).
Biz Stone made the announcement on the Twitter blog,
“Last night, we closed on funding with our friends Peter Fenton from Benchmark and Todd Chaffee from Institutional Venture Partners. When Ev and I visited IVP we were very impressed and Benchmark’s approach regarding teamwork was equally inspiring—every partner is invested in each others success. Peter will be joining our board of directors which means we gain his experience and savvy in addition to that of all his partners.”
According Twitter, they are now also ready to begin building revenue-generating products and also expects to grow its team in the next year.
Twitter as we have reported often is an amazing communication tool and we have even considered it to define of conversational marketing. And the faith the online community shows in the medium is not without reason. Twitter reportedly grew 900% last year and continues to attract major brands in their online mar-com strategy. It has slowly begun to go mainstream garnering a lot of tradiional media attention and it’s active user base. With enough cash in its bank and apparent revenue in the near future, things are certainly looking up for the ‘micro’ tool.
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twitter is truly rocking , i guess it was $35 million on friday and now $55 million, now have to wait and see for further updates
Thanks for nice post.
@Saipeople
$55 million is including the 35 millon… not a separate round of funding…