Valley is always like this: users are always the first priority before business model.
Twitter Gets New Round of Venture Capital Funding (Update2)
By Joseph Galante
Feb. 13 (Bloomberg) -- Twitter Inc., the Web-messaging service used by everyone from Barack Obama to Britney Spears, raised $35 million from Institutional Venture Partners and Benchmark Capital, gaining funding to expand products.
Benchmark General Partner Peter Fenton will join the board, San Francisco-based Twitter said today in a blog posting. Twitter had earlier raised $22 million, bringing the total so far to more than $50 million.
Twitter has more than 55 million daily users who post short updates on anything from their latest date to their views on Congressional hearings. The service has emerged as a valuable source of information and news, which users can access from mobile devices or personal computers, said Todd Chaffee, general partner at Institutional Investors.
“This is going to be a very large media property,” Chaffee said in a telephone interview. “Any time you have millions of users engaging with your service multiple times a day, there are a lot of monetization opportunities.”
The company, founded in 2006 by Chief Executive Officer Evan Williams with partners Biz Stone and Jack Dorsey, rejected an offer to sell itself to Facebook Inc. last year, Chaffee said. The investors plan to make it an independent media company, he said.