Twitter Raises a Reported $200 Million, Adds Board Members
Former DoubleClick CEO David Rosenblatt joins board as the company continues to work on its business model.
Twitter has raised a significant new investment round and added two board members: former DoubleClick CEO David Rosenblatt and Flipboard CEO Mike McCue.
In a report published 15 minutes before Twitter’s announcement, AllThingsDigital pegged the total amount of the funding at $200 million. New Twitter investor Kleiner Perkins Caulfield Byers – whose portfolio has included Amazon, Google and Zynga – led the round.
The eye-popping investment caps a year in which Twitter has sought to develop its business model, launching its Promoted Products ad model and replacing its product-centric CEO Biz Stone with ad industry achiever Dick Costolo.
“The additional resources and expertise will be extremely helpful as Twitter continues to grow as a company and business,” the company said in a blog post published this afternoon.
Twitter has yet to release products serving the long-tail of interactive marketers, reportedly requiring entry-level ad budgets ranging from $10,000 to $80,000. However it has signaled it will release self-serve campaign management tools in 2011 and today took the first steps toward wider embrace of the marketing community by offering a lead-gen form for interested ad buyers, part of its upgraded “Business Center” section.
