Microblogging site Tumblr, which has attracted users ranging from major media outlets to Lady Gaga, is cashing in on its popularity with a new financing round worth $85 million, the company is set to announce today.
The round was led by Greylock Partners and Insight Venture Partners, and received contributions from the Chernin Group, Richard Branson, Spark Capital, Union Square Ventures, and Sequoia Capital, The New York Times reported.
Founder David Karp said in a release that this latest funding round “allows us to continue to scale our business and give real focus to the further development of Tumblr.” Previously, the site had raised about $40 million in funding.
The site has experienced major growth in the past year, with traffic rising from 2 billion pageviews per month to an impressive 13 billion pageviews. According to a recent report from Nielsen, Tumblr’s audience has also tripled in the past year, and the site has attracted more female teens than any other social network. Tumblr also occupies 623 million minutes of the time that American spend online each month, Nielsen found.