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Twitter Valued at $3.7 Billion After Kleiner Invests

Twitter Valued at $3.7 Billion After Kleiner Invests
Richard "Dick" Costolo, chief executive officer of Twitter Inc. Photographer: Andrew Harrer/Bloomberg

Twitter Inc. said it’s valued at $3.7 billion after receiving a $200 million round of funding led by venture capital firm Kleiner Perkins Caufield & Byers.

The company also added two directors to its board, Chief Executive Officer Dick Costolo said in a blog post. Twitter spokesman Matt Graves provided the valuation in an e-mailed statement.

Twitter, which has more than 175 million users, can use the funds to hire more people for its advertising service, which began earlier this year. The San Francisco-based company started in 2006 and has more than 350 employees, up from 130 a year ago.

“The additional resources and expertise will be extremely helpful as Twitter continues to grow as a company and business,” said Costolo, who became CEO in October, replacing co-founder Evan Williams.

Joining the board are Mike McCue, chief executive officer of social magazine Flipboard, and David Rosenblatt, former CEO of DoubleClick Inc. Rosenblatt also served as a president at Google Inc. after that company bought DoubleClick in 2008.

Twitter raised $100 million in September 2009, when it had about 25 million users. That round included T. Rowe Price Group Inc., Insight Venture Partners, Spark Capital and Institutional Venture Partners. The valuation was about $1 billion, a person familiar with the matter said at the time.

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