The ever popular microblogging site Twitter is set to receive $100 million in new venture capital investments, according to a report published Thursday.
Though it has not generated any revenue or finished plans for making money, as many as seven investors are prepared to inject the site with a $100 million investment, reported the Wall Street Journal. The sum is twice the amount Twitter was expected to raise in this round of fundraising.
In recent months, Twitter has become popular with lawmakers and politicos in Washington. Politicians have used the service to share policy positions, communicate with constituents, and promote their events and media appearances.
Investment house T. Rowe Price and private equity firm Insight Venture Partners are expected to participate in the deal and are first-time investors with Twitter.
The report says that the investors value Twitter at approximately $1 billion and is expected to have 25 million users by the end of the year. By comparison, the social networking site Facebook has 300 million users and at one point was valued at $15 billion.