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Twitter Series B Funding: Done. Raises $15 MM
gigaom.com — The update is that Twitter reached an agreement with investors today to raise $15 million in funding at around $80 million pre-money valuation. A new investor is leading the round with existing investor, Union Square Ventures also participating in this round.
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- webaddict, on 05/22/2008, -0/+6Good, they need some more money. They have been going down so much I'm starting to worry!
Note to Twitter: Please setup a multi-clustered, super mirror arrayed database monster house. We're sick of the DB excuses. - vango, on 05/22/2008, -0/+2I hope they get all they need.
- HanuMatrix, on 05/22/2008, -0/+3What is it that always caused Twitter to go down? Any truthful or enlightened insights?
- MikeonTV, on 05/22/2008, -0/+2But they are only giving them 97.51% of the cash until they can raise that uptime.
- ploke, on 05/22/2008, -0/+1Techcrunch on the scaling problems at Twitter:
http://www.techcrunch.com/2008/05/22/twitter-at-sc ... - treelovinhippie, on 05/23/2008, -0/+2Bubble 2.0? ... I mean I love the site, and the people behind it are awesome (I've chatted with Evan a couple of times back in his Odeo days). But the entire concept/technology of the site is extremely simple and at this point I don't think the company is worth anywhere near $80million.
I think most of these "web 2.0" companies need to be placing more emphasis on monetizing their site rather than expanding operations/employees etc. Become cashflow positive before going after even more funding.
Although in the case of Twitter I can see what investors are predicting: advertising dollars through mobile/cell phones. It's an area that the advertising juggernauts haven't been able to quite crack yet, but with more and more people using twitter via their phones... there's a big opportunity to integrate ads into those twitter messages. Combine the Twitter system with GPS locationing and some social interaction algorithms and you have yourself a geo-social, highly targeted advertising medium. In which case, you can probably expect a Google acquisition within the next 2 years.
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