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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

(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.”

Twitter has over 55 million daily users who post 140-character  updates on anything and everything.
Twitter has over 55 million daily users who post 140-character updates on anything and everything.   (Flickr)
Twitter plans to use $35 million from venture capital to continue its expansion as it searches for a working revenue model.
Twitter plans to use $35 million from venture capital to continue its expansion as it searches for a working revenue model.   (Flickr)
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We are now positioned extremely well to support the accelerating growth of our service, further enable the robust ecosystem sprouting up around Twitter, and yes, to begin building revenue-generating products. - Twitter's company blog

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COMMENTS
Showing 1 of 1 comment
Guest
Feb 13, 2009 9:15 PM CST
Nobody uses Twitter anymore, it's too popular. (To paraphrase Yogi Berra.)

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