Twitter, the latest darling of Silicon Valley, had a very sweet Valentine's Day, announcing an additional $35 million received in venture funding from Benchmark Capital and Institutional Venture Partners. The deal closed last Thursday night, according to Twitter's official blog. A person familiar with the matter said the round valued the nearly two-year-old company at between $200 million and $250 million.
Twitter executives made it clear the young company was not desperate for cash. A post by co-founder Biz Stone states, "We weren't actively seeking more funding because significant capital from last year's partnership with Bijan (Sabet) and his team from Spark (Capital) is still in the bank....Nevertheless, our strong growth attracted interest and we decided to accept a unique opportunity to make Twitter even stronger with a very attractive offer."
The infusion comes as Twitter's popularity is surging. Biz Stone further provided that the service's number of active users has increased 900% in the past year. Now would probably be a good time to put together a business model...
Twitter executives made it clear the young company was not desperate for cash. A post by co-founder Biz Stone states, "We weren't actively seeking more funding because significant capital from last year's partnership with Bijan (Sabet) and his team from Spark (Capital) is still in the bank....Nevertheless, our strong growth attracted interest and we decided to accept a unique opportunity to make Twitter even stronger with a very attractive offer."
The infusion comes as Twitter's popularity is surging. Biz Stone further provided that the service's number of active users has increased 900% in the past year. Now would probably be a good time to put together a business model...
No comments:
Post a Comment