Twitter has just received a fresh cash injection totaling a cool $200 million. It should help the company keep pace with its staggering growth and invest more in its infrastructure.
Micro-blogging service Twitter has managed to raise an additional $200 million in funding and has added two new members to its board of directors. The news was confirmed by the company's CEO Dick Costolo in a blog post Wednesday.
Kleiner Perkins Caufield & Byers was the lead investor in this latest round of funding. Twitter's total funding since it was founded five years ago now tops $360 million.
Fresh capital should help the micro-blogging service expand further as it seeks new revenue streams and explores several business models. The newly added board members are Mike McCue of FlipBoard and former DoubleClick executive David Rosenblatt. As noted by Kara Swisher over at the All Things Digital, the board appointments make a lot of sense:
Adding Currie, McCue and Rosenblatt are very strong choices for the board. Currie has deep financial and IPO experience, McCue is a well-connected and innovative entrepreneur and Rosenblatt brings much-needed online advertising heft.
Twitter recently acquired Tweetie for iPhone and re-launched the software as the free Twitter for iOS app.
The company recently added former Netscape exec Peter Currie to the board. Twitter's chief shared a couple of interesting tidbits regarding the company's growth and performance.
Users tweeted a whooping 25 billion tweets in the past twelve months and created more than a hundred new accounts, he said. In addition, Costolo noted, the Twitter team has grown in the same period of time from 130 people to more than 350 employees, yet another indication of the company's healthy growth.
Source: The Twitter blog