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," 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.