Published February 11, 2009 at 11:15 AM
David Karp, the 22-year-old founder of the multimedia microblogging service provider Tumblr Inc., discloses some interesting details about the $4.5 million Series B announced in December in the current episode of The Deal's Behind the Money video show.
Tumblr's most recent round didn't include any new investors because existing backers Spark Capital and Union Square Ventures approached him before he had even considered raising a second round, he says. Earlier investors in Tumblr include TV producer Fred Seibert, entrepreneurs Jakob Lodwick and Martin Varsavsky, as well as Betaworks.
The most recent round is helping to fund Tumblr's redesign and taking the service to "the next level." Watch the video below or download it at iTunes. - Mary Kathleen Flynn
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Ken deRegt will retire as head of fixed income at Morgan Stanley and be replaced by Michael Heaney and Robert Rooney. For other updates launch today's Movers & shakers slideshow.
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