It has been clear for weeks that the micro-messaging service Twitter was close to raising a new round of capital as interest around the site (and arguably the site itself) explodes. Tonight GigaOM’s Om Malik reports that the site has not finalized a $15-20 million round as was previously rumored, but instead is in the middle of a bidding war between at least a couple VC funds.
According to Malik, these rounds will put Twitter’s valuation north of $70 million, but presumably still beneath the $150 million ceiling we discussed last month. But who knows, anything is possible when you have a bidding war.
Perhaps now we know why Twitter hasn’t used some of its millions to secure some talent to fix its issues — it hasn’t secured the money yet. When it does, will all of the downtime issues be resolved? Let’s hope so.
Twitter raised $5 million last year from Union Square Ventures and Charles River Ventures.
We have some feelers out on this development and will update when we hear back.
VB’s research team is studying mobile user acquisition:
Chime in here, and we’ll share the results