Microblogging service Twitter has recently announced that it has raised funding from Union Square Ventures. In the announcement, neither Twitter and Union Square disclosed the amount of the undertaking, nor any specific business model they are looking into. Fred Wilson of Union Square Ventures stressed, though, that they are particularly interested with how Twittering is emerging as a new form of communication on the Internet.
Twittering is an emerging new form of communication on the Internet that changes the expectations associated with other forms of communication and yet it’s fundamentally different than blogging. Twitter provides a platform for banter that blogging doesn’t and it’s available in so many places via IM, mobile text messaging, or the Web that it induces a different sort of behavior. Twitter encourages people to adapt and invent behavior to suit their needs.
Twitter intends to use the funds to “grow [its] resources and focus on the important tasks ahead.” Twitter will continue to work with Charles River Ventures, and cites Marc Andreessen, Dick Costolo, Ron Conway, and Naval Ravikant as angel investors.