Twitter goes ahead with commercial plans with $35m backing

LONDON Micro-blogging site Twitter is set to begin 'building revenue-generating products' after receiving an additional $35m from investors.

Twitter
Twitter

Biz Stone, co-founder of Twitter, said in blog posts that the service is not actively looking for more funding but has been offered funds from Benchmark and Institutional Venture Partners.

Twitter still has capital from investment firm Spark Capital among others.

Stone's blog stated: ‘We are now positioned extremely well to support the accelerating growth of our service, further enable the robust ecosystem sprouting up around Twitter, and yes, to begin building revenue-generating products.'

Stone told Marketing earlier this month (11 February) that Twitter was planning to ‘charge for commercial accounts' but, in a swift about-turn following significant objections from brands, said the company would look at adding new services through which it could make revenue from its business users.

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