Twitter secures £62m ($100m) in new funding

Twitter is set to secure £62m ($100m) in new funding, valuing the microblogging site at $1bn.

Twitter
Twitter

According to sources, New York venture capital firm Insight Venture Partners will announce today it is leading a group of new and existing investors in the latest round of funding.

It is the second round of funding Twitter has received this year, after it raised £24m ($35m) in VC funding in February, which at the time valued the company at £156m ($250m) (nma.co.uk 19 February 2009).

It is a significant investment for a company that has not yet confirmed how it plans to generate revenue and will mean the company has more time to establish the right model.

Speaking at Twitter’s 140 conference this week, founder Biz Stone said the company has enough venture funding to feel comfortable for the near future, “Any kind of approach toward advertising is going to be a while,” he said.

This story first appeared on newmediaage.co.uk

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