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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.”