Twitter Accepts More Funds, Looks To Make Cash
It's like a boy taking the training wheels off for the first time. Or a
young lady going on her first date. Or a senior heading off to college.
So far as we can tell, this is Twitter's coming of age party. Yep --
after receiving a very generous $250 million valuation late last month,
the microblogging phenomenon has locked down even more capital.
In a recent post to the Twitter, Inc. blog, the company proclaimed that it had increased active users by 900 percent in just a year, and while its web traffic is astounding, it's seeing double that to APIs. Needless to say, it's staff of 29 has been exceptionally busy. The company goes on to say that it wasn't actively seeking more funding -- after all, the cash infusion from last year's deal with Spark is still lingering (partially, anyway) in the bank. That said, the folks at Benchmark and Institutional Venture Partners evidently conjured up a deal it couldn't refuse, because it just shook hands in order to accept yet another check.
The general public wasn't told just how high the offer was, but it was deemed one Twitter "couldn't refuse." Peter Fenton from Benchmark will be joining the outfit's Board of Directors, and now Twitter is firmly focused on building "revenue-generating products." Also of note, it's expected that Twitter's payroll will grow exponentially over the next few years, which is certainly good to hear in today's turbulent economy. We're still curious as to how the company will make a substantial amount of cash without hindering the user experience that so many have grown to love, but we suppose now would be the time to really start watching. @everyone: It'll happen, and it'll happen soon.
In a recent post to the Twitter, Inc. blog, the company proclaimed that it had increased active users by 900 percent in just a year, and while its web traffic is astounding, it's seeing double that to APIs. Needless to say, it's staff of 29 has been exceptionally busy. The company goes on to say that it wasn't actively seeking more funding -- after all, the cash infusion from last year's deal with Spark is still lingering (partially, anyway) in the bank. That said, the folks at Benchmark and Institutional Venture Partners evidently conjured up a deal it couldn't refuse, because it just shook hands in order to accept yet another check.
The general public wasn't told just how high the offer was, but it was deemed one Twitter "couldn't refuse." Peter Fenton from Benchmark will be joining the outfit's Board of Directors, and now Twitter is firmly focused on building "revenue-generating products." Also of note, it's expected that Twitter's payroll will grow exponentially over the next few years, which is certainly good to hear in today's turbulent economy. We're still curious as to how the company will make a substantial amount of cash without hindering the user experience that so many have grown to love, but we suppose now would be the time to really start watching. @everyone: It'll happen, and it'll happen soon.
