Twitter has just landed the largest venture capital investment in history as part of an $800 million funding deal led by Russian venture firm DST Global, the San Jose Mercury News reports.
Twitter wouldn’t confirm the size of the funding round—the company would only say that it was “significant”—but regulatory documents show that the firm has sold $400 million in new shares, likely valuing it at $8 billion, according to the Mercury News. In a statement, Twitter said that it would use the money “to aggressively innovate, hire more great people, and invest in international expansion.”
A source at the company said that in addition to the $400 million investment, DST raised another $400 million to let Twitter employees and investors cash out some of their shares.
Justin Byers of VC Experts told the Mercury News that documents from the secretary of state’s office in Delaware (where Twitter is incorporated) showed that the company agreed to sell about 24.9 million shares of preferred stock, priced at $16.09 each. Byers also said that the company authorized the sale of 600 million shares of common stock.
Byers said that there are no regulatory filings concerning DST’s $400 million side deal because it covers existing shareholders rather than new shares, but even a stand-alone investment of $400 million would break the record for any venture capital deal.