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Twitter Valued at $8 Billion, Reportedly Raises $800 Million in Funding

SoftwareNews
, 03 Aug 2011News

Micro blogging platform Twitter has managed to raise $800 million in a recent round of funding, which evaluated the company at $8 billion.

The funding brings a significant boost to its budget, giving it a flexible environment to expand and monetise its services.

In a blog post, Twitter revealed that the round of funding was led by venture capital firm DST Global.

The company said that it will use the money for ‘aggressive’ innovation, increase its hiring and for international expansions.

“Today, we generate over 200 million Tweets per day. One year ago, there were approximately 150,000 registered Twitter apps. Now, there are more than one million that connect to Twitter. And our team has grown from 250 people to more than 600 in the past 12 months,” the company said.

According to Bloomberg, the company will also use some of the amount to buy back shares it has distributed to employees and investors.

The news comes as Twitter opened a new office in New York City, moving beyond its headquarters in San Francisco.

"We've come very far in a short time," it wrote on its blog. "Now we have an opportunity to expand Twitter's reach. We can't wait for you to see what we have planned to make Twitter even better," the post concluded.

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