Twitter gets $35m funding boost
- Added:
- Feb 17, 2009
Twitter has secured over $35m (£25m) in third round funding from investors, as the micro-blogging network has soared in popularity over the past year.
The third round of funding was led by Benchmark and Institutional Venture Partners (IVP). As part of the deal, Peter Fenton from Benchmark will be joining Twitter's board of directors.
In his company’s blog, Biz Stone, Twitter co-founder, said: "We are now positioned extremely well to support the accelerating growth of our service, further enable the robust ecosystem sprouting up around Twitter, and yes, to begin building revenue-generating products.”
Stone also said that active users on the site had "increased 900% in a year".
Twitter currently maintains a number of servers to support its service, and has about 29 employees.
Stone said the funding would help the a social network become profitable, as it currently generates almost no revenue.
"Throughout this year and beyond, our small team will grow much bigger to meet the challenges and opportunities ahead,” Stone concluded in his blog.
