Twitter raises $200m in funding

 

Twitter has raised $200m (£129m) in new finance, in a deal that values the social networking service at $3.7bn.

 

It said the investment had come from venture capital firm Kleiner Perkins Caufield Byers, and existing investors. Twitter is also adding two new board members, including David Rosenblatt, boss of digital advertising group DoubleClick.

 

The moves come two months after the US firm said it was increasing efforts to make itself more profitable.

 

The announcement in October saw the company's co-founder Evan Williams stand down as chief executive to focus on product strategy. Mr Williams was replaced as chief executive by Dick Costolo. Also now joining Twitter's board is Mike McCue, chief executive of digital social magazine application FlipBoard.

 

Twitter allows users to send 140-character text messages, or Tweets. It has 175 million registered users and 300 employees.

 

http://www.bbc.co.uk/news/business-12005592

Twitter valued in billions as popularity climbs

 

A fresh infusion of investment cash pushed Twitter's market value up to 3.7 billion US dollars with the number of people using the microblogging service climbing to 175 million.

 

More than 25 billion "tweets" were fired off during the past 12 months, with Twitter adding 100 million new accounts during that same time frame, the firm's chief executive Dick Costolo said in an online post.

 

Venture capital firm Kleiner Perkins Caulfield Byers (KPCB) headed a new round of Twitter funding, which technology blog AllThingsDigital said tallied 200 million US dollars.

 

Advertisement: Story continues below The investment was reportedly based on Twitter, a private firm with 350 employees, being valued at 3.7 billion US dollars.

 

"Growth is fun," Costolo said. "KPCB brings to Twitter a track record of helping build great companies, ranging from Amazon to Zynga."

 

Twitter this week added technology industry veterans Mike McCue and David Rosenblatt to its board of directors as it tightens its focus on turning its popularity into revenue.

 

Twitter co-founder Evan Williams stepped down in October as chief executive, ceding the helm to Google veteran Costolo, who was brought in last year to help the micro-blogging service make money.

 

Costolo, whose Web content distribution company Feedburner was purchased by Google in 2007, has been at the forefront of efforts to begin monetizing Twitter since he joined the company last year.

 

Twitter, which allows users to fire off messages of 140 characters or less known as "tweets," has enjoyed skyrocketing popularity since it was launched in 2006 by Williams, Jack Dorsey and Biz Stone.

 

McCue is chief executive of social magazine iPad application maker Flipboard while Rosenblatt's resume includes stints at Microsoft, Google, DoubleClick and Netscape.

 

"These additional resources and expertise will be extremely helpful as Twitter continues to grow as a company and business," Costolo said.

 

http://news.theage.com.au