June 24, 2008
Twitter finally gets its new round of funding led by Sabet and Bezos
It’s been in the works for several months, but Twitter has finally announced its new round of funding.
Led by Bijan Sabet of Spark Capital and Jeff Bezos of Bezos Expeditions (and also chief executive of Amazon), existing partners Union Square Ventures and Digital Garage also participated as well.
Sabet has also accepted a seat on Twitter’s board of directors.
In a post on the matter, co-founder Biz Stone writes:
Twitter will become a sustainable business supported by a revenue model. However, our biggest opportunities will be worth pursuing only when we achieve our vision of Twitter as a global communication utility. To reach our goal, Twitter must be reliable and robust. Private funding gives us the runway we need to stay focused on the infrastructure that will help our business take flight. We will continue hiring systems engineers, operators, and architects, as well as consultants, scientists, and other professionals to help us realize our vision.
After months of reliability issues, Twitter’s performance has improved in recent weeks after brining in outside help from Pivotal Labs to work on its architectural issues.
Terms of the round have not been disclosed yet, but we have inquiries in to all parties.
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