$1bn Valuation for Twitter

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 24, 2009 -- Twitter allows more than 30m members to post 140-character updates on the web or by mobile phone.It is gaining incresing popularity among netizens.

Insight Equity Partners, the New York venture capital firm, is leading a consortium of new and existing investors in the fast-growing communications network, according to a person close to Twitter.

The fundraising will be Twitter's second this year and comes after substantial interest from institutions, and larger media, internet and telecoms companies. The new round will bring Twitter's total funding to $155m, a large sum for a start-up company with little revenues.

The company last raised money in February, when it took $35m from Benchmark Capital and Institutional Venture Partners. That round valued Twitter at about $250m.

Last week Twitter was rumoured to be looking for an additional $50m in funding. But reports say demand for shares was so great that they doubled the amount.It's believed that Twitter's choice of financial investors over strategic partnerships could give it more flexibility in the future.

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