Twitter has just closed its latest round of funding, bringing in $200M to expand its operations in the new year.
Announced on the Twitter blog late last night, Twitter said that the boost in funding would be used to hire two new board of director members, Mike McCue and David Rosenblatt, and that the money would be used to grow the company. They didn’t provide any specifics, but it’s likely that they’ll put that money towards Promoted Products, their advertising solution.
As rumors suggested, Kleiner Perkins is the lead investor, with funding coming from existing investors as well.
The $3.7B valuation this round is a significant increase over the $1B valuation just over a year ago when Twitter last raised capital.
We took a look recently at why Twitter might just be worth this nearly $4 billion valuation. With its growing userbase, new deals to sell its datastream, an advertising solution that is organic and effective, and hints that it might become an even more useful tool for journalists in the near future, Twitter is poised to see even more growth in 2011 than it did in 2010.
- Twitter 'Happy' for Users Not to Tweet
- Snapchat $10 Billion Valuation 'Not Absurd', Says Twitter CEO
- Feds Spend $1 Million on 'Truthy', the Database That Tracks Misinformation on Twitter
- Twitter Ads Launch in 12 New Markets, Including Austria, Czech Republic, Switzerland and Ukraine