Twitter just confirmed on its corporate blog that it raised a third round of funding from new backers Insight Venture Partners and T. Rowe Price, along with existing investors Institutional Venture Partners, Spark Capital and Benchmark Capital. Founder Evan Williams calls the round “significant” but does not detail how much the company got. Several reports have put the round at $100 million. The big question: What the startup will do with the new cash.
Twitter had already raised $55 million in two rounds — and reportedly still had $30 million in cash left. Williams does not elaborate on what the company will do with the new funds, although he says it is “important to us that we find investment partners who share our vision for building a company of enduring value.”
In other words, maybe we’ll finally see some plans the company has harped but not delivered on now come to fruition. Among them: An enhanced search engine that indexes both Tweets and also the pages that the Tweets link to; the introduction of premium accounts; and some e-commerce integration. And maybe — just maybe — we’ll see an end to the site’s massive outages. Twitter certainly won’t have any excuses.