The battle to fund Twitter
It has been clear for weeks that the micro-messaging service Twitter was close to raising a new round of capital as interest around the site (and arguably the site itself) explodes. Tonight GigaOM’s Om Malik reports that the site has not finalized a $15-20 million round as was previously rumored, but instead is in the middle of a bidding war between at least a couple VC funds.
According to Malik, these rounds will put Twitter’s valuation north of $70 million, but presumably still beneath the $150 million ceiling we discussed last month. But who knows, anything is possible when you have a bidding war.
Perhaps now we know why Twitter hasn’t used some of its millions to secure some talent to fix its issues — it hasn’t secured the money yet. When it does, will all of the downtime issues be resolved? Let’s hope so.
Twitter raised $5 million last year from Union Square Ventures and Charles River Ventures.
We have some feelers out on this development and will update when we hear back.
Next Story: Canopy Ventures raises $100M second fund for IT and life science
Previous Story: CNS Protein Therapeutics raising angel round for Parkinson’s research
About the Author, MG Siegler
MG Siegler writes about technology trends and new media for VentureBeat, with a focus on mobile topics, social elements and key news stories. Before that, MG wrote about technology on his blog, ParisLemon. Originally from Ohio, MG attended the University of Michigan where he studied film. He's previously lived in Los Angeles where he worked in Hollywood and in San Diego where he did web development. He now lives in San Francisco.