Twitter Raises $200M, Now Valued at $3.7 Billion

Company raises cash in new round of financing; adds two new board members

Last Updated: January 3, 2011 @ 11:02 AM

Twitter hasn’t turned a profit, and until recently had largely shunned talk of revenue generation.

But according to a report by Kara Swisher and confirmed by Twitter, the microblogging company recently completed a $200 million round of financing at a nonetheless shocking valuation of $3.7 billion. Kleiner Perkins is the lone investor this round

Additionally, Twitter has added two new members to its board: Flipboard chief Mike McCue and David Rosenblatt, formerly of DoubleClick.

Here’s newly-installed Twitter CEO Dick Costolo’s blog post announcing the funding and board additions:

Growth is fun. In the past 12 months, Twitter users sent an astonishing 25 billion Tweets and we added more than 100 million new registered accounts. In that time, our team has grown from 130 people to more than 350 today.

This week, we added two new members to Twitter’s board of directors who have strong experience running technology companies: Mike McCue and David Rosenblatt. Mike was the CEO of Tellme Networks, is currently CEO at Flipboard and also worked for Netscape and Microsoft (which acquired Tellme in 2007). David is the former CEO of DoubleClick and an ex-Google executive.

We also closed a significant new round of funding, with new investor Kleiner Perkins Caulfield Byers leading the round. KPCB brings to Twitter a track record of helping build great companies, ranging from Amazon to Zynga (get it? A to Z? See how we did that?), and a team with expertise in Internet, mobile and social platforms. The additional resources and expertise will be extremely helpful as Twitter continues to grow as a company and business.

Thank you to Twitter users everywhere for making 2010 such a good year.

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