Twitter's new funding values it at $3.7 bn
16 Dec 2010
Twitter Inc, yesterday raised $200 million in a new round of funding from investors, valuing the micro blogging website of 140 characters at $3.7 billion.
The new round of fund raising led by venture capital firm Kleiner Perkins Caufield & Byers has seen the company's valuation jump by $2.7 billion from last year, when it raised $100 million in September valuing it at $1 billion.
The whopping valuation comes despite the company nit yet having make profits being in business for the past four years.
The funding also bought in two new board members, Mike McCue, founder of social magazine application Flipboard, and David Rosenblatt, former CEO of DoubleClick, a subsidiary of Google that develops and provides Internet ad serving services.
Twitter said in a blog post, ''As part of a significant new round of funding with investor Kleiner Perkins Caufield Byers and existing investors, we've added two new members to Twitter's board of directors. Please join us in welcoming Mike McCue and David Rosenblatt. The experience these new directors bring to Twitter, along with this renewed investment, will help us continue to grow as a company and business.''
San Francisco-based Twitter now has eight directors on its board and added 220 employees last year taking its total staff strength to 350.
