Revenue-Generating Products In the Mix for Twitter
Twitter co-founder Biz Stone announced some big news today about the company accepting an offer it couldn’t refuse. Twitter has not been actively seeking funding, but due to its enormous growth, some parties just couldn’t resist courting them.
"Last night, we closed on funding with our friends Peter Fenton from Benchmark and Todd Chaffee from Institutional Venture Partners," Stone explains. "When Ev [CEO Evan Williams] and I visited IVP we were very impressed and Benchmark’s approach regarding teamwork was equally inspiring—every partner is invested in each others success."
With this new funding comes big plans for Twitter. Exactly what those plans are have not been revealed, but Twitter enthusiasts can rest assured that there will be some monetization involved.
"We are now positioned extremely well to support the accelerating growth of our service, further enable the robust ecosystem sprouting up around Twitter, and yes, to begin building revenue-generating products," says Stone. "Throughout this year and beyond, our small team will grow much bigger to meet the challenges and opportunities ahead."
Word is that this round of funding amounted to $35 million. Stone also noted that they still have money left from investments made last year by Spark.