Technology

Twitter valued at $3.7 bn after raising $200 mn

MUMBAI: Twitter is valued at $3.7 billion following a financing deal in which the microblogging site has raised $200 million.


Tech blog AllThingsDigital first reported the $200 million funding round. 
 
In a post on its corporate blog Twitter said, "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."


The blog also said that, "the renewed investment will help us continue to grow as a company and business".


The other investors include Insight Venture Partners, Benchmark Capital, Institutional Venture Partners, Morgan Stanley and Spark Capital. 
 
The addition of two new board members - FlipBoard chief executive Mike McCue and DoubleClick CEO David Rosenblatt - comes two months after the company assigned the post of chief executive to Dick Costolo, the architect of its new advertising plans.


"2010 was one of the most meaningful years since Twitter was founded in 2007. We operate on a principle that people are basically good-when you give them a simple way to express this trait, they prove it to you every day," the company said in the official post.


Twitter is one of the new crop of rapidly growing Internet social networking sites with nearly 175 million users as of September.


The blog also said, "In the past 12 months, Twitter users sent an astonishing 25 billion tweets and we added more than 100 million new registered accounts."
 

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