Twitter is on a mission to revamp it’s management and CEO Dick Costolo is leading the way. Today, a post from Costolo on the Twitter Blog stated that, Mike McCue of Flipboard and David Rosenblatt, the former head of DoubleClick, are now part of Twitter’s board. Prior to this, Peter Currie, an exec of Netscape, who had served as a temporary CFO at Facebook, was also added to the board.
McCue, Rosenblatt and Currie will add substance to the board. McCue is an innovative entrepreneur, Rosenblatt has extensive knowledge of much-needed online advertising and Currie brings with him extended financial and IPO experience.
But, what is interesting about the blogpost was the mention of a funding which Twitter received from Kleiner Perkins Caufield & Byers and existing investors. According to AllThingsD, the funding has fetched Twitter a total of $200 million at a $3.7 billion valuation. Kleiner Perkins led the investors and has put in $150 million, the rest $50 million came from existing investors. Kleiner Perkins had been aggressive about their motives and pushed out Russia’s DST Global, to make this major investment. The figure is amazing, given that as recently as early November it was being pegged under 2 billion.
With this round of funding, Twitter’s total funding is up to $360 million, since its inception. Previously, Twitter had been funded by Benchmark Capital, Union Square Ventures, Spark Capital and several other venture firms and angel investors.
With all these funding we can sure expect microblogging site to expand further and include new and better features. Costolo also shared a few numbers in his post — 25 billion tweets have been sent in the last twelve months, over a 100 million new registered users have joined Twitter and 350 employees now work to make the microblogging site a success.
Twitter has experienced some major changes this year, Twitter co-founder Evan Williams was replaced by Costolo as CEO in October and a new UI interface was launched. Twitter is also extensively used on mobile devices now. Twitter has also started developing revenue models, using services like Promoted Accounts. This feature would attract brands who want to drive traffic to their website, using Twitter updates. The company has also signed deals with search giants, Google, Bing and Yahoo, to show tweets on their search results.
Costolo had titled his post, “Meaningful Growth” and it is appropriate for the situation in which Twitter is. The Company is evolving. Until now it was growing steadily, but the following years will determine if it can do business and find a clear path.