Twitter raises €27m in third funding round

Twitter has raised over €27 million from several venture capital firms in its third round of funding.

The investment is significant because Twitter was not seeking additional funding - according to the Twitter blog - and has yet to develop a method of making money from the site. Twitter said it expects to begin to develop revenue-generating products this year.

VC firms Benchmark, International Venture Partners, Union Square Ventures and Spark Capital all participated in the funding round, TechCrunch reported. A Benchmark employee will join Twitter's board as part of the arrangement.

Twitter had raised $20 million in its first two rounds of funding, according to Forbes.com, and is still cashed up as a result.

The mobile blogging service has experienced rapid growth over the past year, with the number of active users growing by 900%.

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