Twitter Inc., the "microblogging" service that lets members publish brief updates on what they're up to (and which is increasingly used by businesses to communicate with customers) may be close to announcing a $15 million round of venture funding. Though some reports are calling it a done deal, others caution that the ink is not yet dry on the term sheet. Twitter has not confirmed the funding.
According to reports, the investment assigns a pre-money valuation to Twitter of $80 million. Speculation is that Spark Capital is involved in the round. Hopefully the investors received some assurance that Twitter will use the money to fix its spotty service. It is notorious for having frequent downtime issues. As someone recently said to me, "Anyone who uses it will bitch about it sometime. The damn thing just doesn't work." -- David Shabelman
See May 21 post from GigaOm
See May 22 post from Silicon Alley Insider
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