Reports that Twitter was seeking a new round of funding were confirmed Monday, with the announcement on the Twitter blog of a “significant round of funding led by the venture firm DST Global, with the participation of several of our existing investors.”
Twitter remains tight-lipped about the details of its latest round of funding, only saying that they will “use these resources to aggressively innovate, hire more great people and invest in international expansion.”
There was no official word on the exact amount raised, although early reports suggested that it would be around $800 million. We’ve reached out to Twitter for more details, and will update when we hear back.
The rumors of this latest round of funding began in mid-July, with AllThingsD reporting that Twitter was looking at an $800 million round. At the time, it was speculated that Twitter would use about half of this as an investment and the other half to cash out current investors and employees.
If the rumors hold true, this would put Twitter at an $8 billion valuation, more than twice that of its December 201 valuation of $3.7 billion.
The news of Twitter’s latest round of funding comes as it expands its advertising solution. Announced late July, Promoted Tweets to Followers will offer advertisers the option to promote one of their tweets to only their followers, getting a chance to highlight an event, sale, or campaign.