Twitter Gets More Money

April 28th, 2008 at 12:00 am
 


twitter

Twitter has just raised a new round of venture capital. A source familiar with the negotiations tells me that Twitter signed a term sheet for "either $15 million or $20 million" last week.

However, who its from nor how much exactly has not yet been disclosed to the public. Last week, Valleywag reported that Twitter was looking for more funding amounting to $15 million. This puts the Twitter valuation at about $60 million.

Funny thing is, Twitter is not yet even a business nor do they have a clear cut business model. They recently launched a Japanese version of Twitter with ads. However, that may not exactly be their business model nor is it the business model any of their investors would expect.

Their first round of funding got them $5 million at a $20 million valuation from Union Square Ventures and Charles River Ventures.

Crazy as it sounds, the money pouring into Twitter may be well spent. Of all services that made an impact since social networks, Twitter is at the fore front leading dictating culture and mass acceptance as a social tool.