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Tumblr Bags $85 Million in Recent Round of Funding

Microblogging platform Tumblr announced on Monday that it has managed to pocket a hefty sum of $85 million in the latest round of funding.

The funding, according to the company, was led by Insight Venture Partners and Greylock Partners, and it also included funding from Peter Chernin’s investment business, as well as from the UK based billionaire Sir Richard Branson.

Tumblr is an emerging microblogging platform that allows users to share their videos, images, messages (micro blogs) and other digital snippets. The company was founded almost four years back in 2007 by David Karp.

Tumblr also announced that the amount collected in the latest funding, will be spent on renovating the services in offering from the company.

“Tumblr has grown into a revolutionary service for self-expression that is changing the social landscape around the world,” said Deven Parekh of Insight, according to an Inquirer report.

“We’re excited to be a part of the future of the company, and to include Tumblr among our list of investments that, like Twitter and Flipboard, are fundamentally changing the social paradigm on the Web,” he added.

Meanwhile, the company also bragged that the number of visitors visiting the site has exponentially grown from 2 billion at the beginning of the year, to 13 billion at present.