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Twitter raises $200 million

Written by James Delahunty (Google+) @ 16 Dec 2010 21:36

Twitter raises $200 million Social networking giant Twitter has announced that it raised $200 million in new finance.
The micro-blogging outlet received the new investment funds from some of its existing investors, and from venture capital firm Kleiner Perkins Caufield Byers. The new financing is valuing the social networking firm at $3.7 billion.

Twitter boasts 175 million registered users and currently employs about 300 people. The service is based around 140-character messages, dubbed Tweets, and has caught on very well in recent years, often being used to spread information in times of crisis. One such example is the disputed Iranian presidential election in 2009, where members of the green movement used Twitter to spread information.

Twitter co-founder Evan Williams was replaced as chief executive by Dick Costollo in October, with Williams focusing on product strategy instead.

The company said at the time that it was making changes to make itself more profitable, and also announced this week that it is adding two new board members, including DoubleClick boss David Rosenblatt, and Mike McCue, chief executive of digital social magazine application FlipBoard.

Tags: Twitter
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