Technology

The business and culture of our digital lives,
from the L.A. Times

« Previous Post | Technology Home | Next Post »

Twitter raises $200 million in funding, is worth $3.7 billion, report says

December 15, 2010 |  2:53 pm

TwitterNewBoardMembers

Twitter has raised $200 million in a round of funding, bumping the social media website to a valuation of about $3.7 billion, according to a report.

Officials at the San Francisco-based website declined to comment on the numbers mentioned in a report from the website All Things Digital, but Twitter chief executive Dick Costolo issued a blog post on the funding round.

Costolo described the funding round as "significant" and said that investment group Kleiner Perkins Caufield Byers contributed the majority of funds, alongside other existing investors, Costolo said.

Two new members to Twitter's board of directors have also been added -- Mike McCue, the chief executive at iPad magazine start-up Flipboard, and David Rosenblatt, who previously ran the online advertising firm DoubleClick, which Google bought three years ago.

"The experience these new directors bring to Twitter, along with this renewed investment, will help us continue to grow as a company and business," Costolo said.

"In the past 12 months, Twitter users sent an astonishing 25 billion Tweets and we added more than 100 million new registered accounts," he wrote. "In that time, our team has grown from 130 people to more than 350 today."

RELATED:

Twitter could expand into Sacramento, report says

Pew says 8% of American adults who use Internet are Twitter users

-- Nathan Olivarez-Giles

twitter.com/nateog

Image: A screenshot of a tweet from Twitter CEO Dick Costolo about the addition of two new members to the social media website's board of directors.

Comments 

Advertisement










Video