Twitter secures third round of funding

Twitter co-founder Biz Stone announced today that Twitter has secured a third round of funding via Benchmark and Institutional Venture Partners.

Although Stone didn't offer specifics, TechCrunch is reporting the figure to be in excess of $35 million, citing $21 million from Benchmark, $14 million from IVP, and undisclosed amounts from prior investors Union Square Ventures and Spark Capital. As part of the deal, Peter Fenton from Benchmark will join Twitter's Board of Directors.

Stone says the number of active Twitter users has increased by 900% over the past year, with twice as much traffic coming in via API vs the website.

Twitter's revenue model remains non-existent, but Stone assures as this will change soon, saying "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 product."

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