Twitter is raising $400 million in its seventh round of funding, according to documents uncovered by venture capital information service VCExperts.
The company is issuing around 10.1 million shares of Series G-1 preferred stock and 14.8 million shares of Series G-2 preferred stock. Both sets of shares are priced at $16.09 in the Series G preferred round. The filing was submitted to the Delaware Secretary of State’s Division of Corporations on Tuesday.
There were reports earlier this month that the company was raising a $400 million round at a valuation of nearly $8 billion. The funding round will be led by Yuri Milner and Russia’s DST, the investment company that has backed Facebook, Groupon and Zynga, according to the report.
Twitter has more than 300 million registered users who publish more than 200 million tweets a day. Valued at $3.7 billion after its most recent round of funding in December, Twitter makes $200 million each year, according to analysts cited in the report.
While Twitter is incredibly popular, it has had some trouble finding effective ways to monetize the service. The company introduced “promoted tweets” last year in an effort to make money and it also runs promoted trending topics.
Twitter representatives told VentureBeat that they would not comment on the matter.