Twitter financing values company at $3.7 billion

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Twitter financing values company at $3.7 billion

Post by SeoflexForum on Thu Dec 16, 2010 5:30 am

Twitter financing values company at $3.7 billion

Wed Dec 15, 2010

(Reuters) - Twitter has raised $200 million of financing in a deal that values the microblogging company at $3.7 billion, less than a year after it began its first serious efforts to make money.

The funding, from Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers and existing Twitter investors, underscores the high hopes that investors have for Internet social networking companies.

"It's a huge multiple. But the idea is that (Twitter's) scale can be monetized," said BGC Partners analyst Colin Gillis, who estimated that Twitter's annual revenue was currently under $100 million.

The money will help Twitter expand the company, Twitter said in a post on its corporate blog on Wednesday. The blog post did not elaborate and a spokesman declined to offer specifics.

Twitter, which had 175 million users as of September, is among the new crop of quickly growing Internet social networking services. Others include Facebook and Zynga.

http://www.reuters.com/article/idUSTRE6BE67M20101216


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