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| Twitter nears deal to raise $100 mn: report |
| Press Trust of India / New York Sep 25, 2009, 16:07 IST |
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Micro-blogging site Twitter is close to securing $100 million funding from about seven investors, a move which will make it a billion-dollar entity, says a media report.
Attributing to people familiar with the situation, The Wall Street Journal said, Twitter Inc is nearing a deal to garner as much as $100 million that would buy the fast- growing Internet-messaging company more time to chalk out its business model.
The investor group, expected to pump in funds into Twitter, are likely to include mutual-fund Giant T Rowe Price Group Inc and private-equity firm Insight Venture Partners, the report said.
The group of investors may also include firms that have previously made investments in the company, including Spark Capital and Institutional Venture Partners, it added.
The proposed funding companies are valuing Twitter — which has yet to generate more than a trickle of revenue — at about $1 billion, the report said attributing to the people familiar with the plan.
"That's more than triple the valuation Twitter received during its last round of capital raising in February, underscoring how quickly the company has grown," WSJ stated.
Twitter offers micro-blogging, which allows users to send short text messages, among others, on various multimedia platforms.
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