Posted by Kristen Nicole in 
Twitter raised another $35 million in a Series C round of funding last week, with a not-yet-needed infusion of cash from Benchmark Capital and Institutional Venture Partners. But that’s not all. Previous investors Union Square and Spark also increased their existing investments, but the amounts have not been disclosed. For a company with no apparent revenue model and a lot of server costs, the ongoing funding is keeping Twitter alive and sustaining its rapid growth, but according to TechCrunch Twitter didn’t even need the funding quite yet.
Not to mention, Twitter has also turned down a $500 million acquisition offer from Facebook (an inflated price based on Facebook’s preferred stock offerings to Twitter), who in turn announced the opening of its status API. This open API for Facebook status will directly compete with Twitter and may be the only viable Twitter competitor so far.
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