Twitter gets new funding but still doesn't know how to make money

by Actual News Geezer | July 27, 2007 at 08:21 am

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It's just a matter of time before "twitter" ends up as an official verb in the Oxford Dictionary, as in, "to twitter." In the meantime, this free social networking tool has just announced new funding from the folks who are del.icio.us investors. Good news for Twitter, but the interesting thing is that Twitter officially says it doesn't yet know how to make money.

Twitter is announcing today that it has taken funding from New York City-based Union Square Ventures, investors in del.icio.us, Feedburner, Tacoda (the ad firm that sold to AOL this week) and more hits besides. Charles River Ventures were also involved, along with high-profile angel investors Marc Andreessen, Dick Costolo, Ron Conway and Naval Ravikant.

Twitter has landed an undisclosed amount of venture funding from Union Square Ventures and now it can proceed with its to-do list: Grab more users, develop its platform and find a business model.

To twitter: a communications app that allows users to use their mobile phone to send and receive newsy bits to other social networking sites.