Twitter said Friday it had accepted new venture money from Benchmark and Institutional Venture Partners, adding to its capital hoard.
Twitter to use the money to develop revenue generating products and hire staff
The company last raised money less than a year ago, when in June it took cash from Spark Capital and Jeff Bezos’ Bezos Expeditions. Bezos founded Amazon.
The micro-blogging site said it was not actively seeking financing, but couldn’t refuse a “very attractive offer.” The two venture firms put $35 million into the site, and existing investors, including Spark Capital, are expected to pony up more.
Peter Fenton of Benchmark will join Twitter’s board.
The company said it would use the investment to hire staff and develop products to generate revenue.
“We are now positioned extremely well to support the accelerating growth of our service, further enable the robust ecosystem sprouting up around Twitter, and yes, to begin building revenue-generating products,” the blog posting said.
The company has seen active users grow 900 percent in a year and has 29 employees.
