The Twitter story just keeps getting more…breathtaking. The micro-blogging cultural phenomena is close to raising a $50 million round at a $1 billion valuation, reports the blog, TechCrunch.
Evan Williams, CEO of Twitter informed employees of this news at a recent company meeting. Unnamed sources are also informing the blog that the primary investor is New York-based Insight Venture Partners.
We contacted Twitter for confirmation, but haven’t heard any immediate response.
Twitter has raised a total of $55 million to date. Earlier this year the San Francisco, Ca.-based startup raised $35 million from Benchmark Capital and Institutional Venture Partners.
Although Twitter has yet to reach profitability and figure out an exact business model, with its growing traffic and user base, the company could potentially run ads on its new ‘search’ feature, similar to what Google does today.
We’ll keep you updated on any developments with Twitter’s new round of funding.
