Twitter close to raising $50 mn; may become $1-bn firm

Micro-blogging site Twitter is close to raising about $50 million through private equity fundings, that will make it a $1 billion firm. Fast growing startup Twitter will soon be joining a select group of startups, with private venture round valuations of $1 billion.

Micro-blogging site Twitter is close to raising about $50 million through private equity fundings, that will make it a $1 billion firm.

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"Fast growing startup Twitter will soon be joining a select group of startups, with private venture round valuations of $1 billion," technology news blog TechCrunch said citing various sources.

The report noted that the company would raise around $50 million, although the final amount is apparently not yet decided.

Twitter's CEO Evan Williams disclosed the news about the funding round to the employees at a recent all hands meeting, according to TechCrunch.

Attributing to a source, the report said that New York- based Insight Venture Partners is understood to be the primary investor in this round.

Earlier this year, Twitter had raised more than $35 million in a round led by Benchmark Capital and Institutional Venture Partners.

However, the company has raised a total of around $55 million to date, and attributing to sources they have about $30 million left in the bank.

Twitter offers micro-blogging, which allows users to send short text messages, among others, on various multimedia platforms.