Twitter Snags $35M in Venture Capital

Site will keep growing as it figures out how to make money
By Rob Quinn,  Newser Staff
Posted Feb 14, 2009 8:27 AM CST
Twitter has over 55 million daily users who post 140-character updates on anything and everything.   (Flickr)
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(Newser) – Venture capital partners have poured another $35 million into Twitter, reports Bloomberg. The microblogging site said it still has money in the bank from its last round of financing, but the offer was too good to turn down. Twitter—which has grown ninefold in the last year but still lacks a revenue model—plans to use the cash to hire more employees and keep expanding, notes the San Francisco Chronicle.

Twitter execs say they are now poised to take tangible steps in bringing in revenue, and the first efforts should be under way by April. "This is going to be a very large media property,” said a general partner at one of the investors. “Any time you have millions of users engaging with your service multiple times a day, there are a lot of monetization opportunities.”