Wildly popular microblogging service Twitter is close to finalizing a deal today to raise $100 million in new funding, according to an article in the Wall Street Journal.
The money would come from a group of seven investors, WSJ’s Michael Corkery and Jessica E. Vascellaro report:
The investor group includes mutual fund giant T. Rowe Price and private-equity firm Insight Venture Partners, which are new investors to Twitter. The $100 million investment is about twice as much as Twitter was reportedly expected to haul in this latest round of fund-raising.
Also part of the group are previous Twitter investors, including VC firms Spark Capital and Institutional Venture Partners, the WSJ reports.
While Twitter earlier this year was valued at $255 million, the WSJ says the new group is putting a price tag on the company of about $1 billion — despite Twitter’s current lack of revenue or any revenue-generating strategy. Company officials previously have floated money-making ideas such as charging for advertising and offering premium services.
Twitter has had two previous rounds of funding. Other investors include Benchmark Capital, Union Square Ventures and Amazon.com founder Jeff Bezos.