.. and still no revenue model.
Don’t get me wrong .. I think the service is useful. And of course, many of the best-funded Web 2.0 tools and services have been those that have gained large user bases with little or no revenue (and certainly the acquisitions to date in the space have tended towards probable over-payment).
But $55 million in funding to date for a group-public IM service ? Wonders will never cease.
At Qumana we built a simple tool-and-service that at it’s height was pulling in $25K per month in gross revenue (two years ago) .. and yet we could not get any Vancouver-based investor to offer any further funding … we only needed $500K to develop the next (and more lucrative) stage of the business.
We have not paid any attention to the site since then, and yet we are still getting approximately 3,000 downloads per month (or at least were the last time I checked).
Go figure.
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Twitter gets $35 million in new venture funds
Twitter founders Biz Stone, left, and Evan Williams. The firm recently raised $35 million from venture capitalists, who hope the micro-blogging service eventually piles up revenue.
Mark Milian
February 14, 2009
When you’re San Francisco’s hottest start-up, you don’t need to look for funding. The money comes to you.
Twitter Inc. closed a $35-million venture capital round led by Institutional Venture Partners and Benchmark Capital.
Co-founder Biz Stone said the micro-blogging service still had money in the bank from two earlier funding rounds, which totaled $20 million, but Twitter received "an offer we couldn’t refuse."
"Our strong growth attracted interest, and we decided to accept a unique opportunity to make Twitter even stronger with a very attractive offer," he wrote in a corporate blog post titled "Opportunity Knocks."
Stone said Twitter’s active user base had grown 900% in the last year — though he didn’t mention the total. The company’s Web traffic was "amazing" too, he said, but it was far outpaced by the traffic through the tools Twitter makes available to outside programmers.
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