Latest Round of Funding Values Twitter at $1 Billion
Latest Round of Funding Values Twitter at $1 Billion
Posted 09/17/2009 at 5:10am
| by Paul Lilly
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Twitter is on the brink of sealing the deal for yet another round of funding, which will value the microblogging site at around $1 billion, TechCrunch reported on Wednesday.
While not yet finalized, the company is expected to raise around $50 million, with most of it coming from New York-based Insight Venture Partners. All but a done deal, Chief Executive Evan Williams feels confident enough it will go through that he's announced the latest round of funding to employees.
Twitter's website recorded 44.5 million visitors in June, representing a 15-fold year-over-year increase, according to data from comScore.
"When something like Twitter or Facebook becomes a cultural phenomena, it's much more than the sum of the parts. It's really tapping into a cultural shift," said Salil Deshpande, a general partner at venture firm Bay Partners. "As the network effect increases, the value increases."
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