Private Company Valuations: Twitter, Inc.
Posted By Justin Byers, Lead Business Intelligence Analyst on September 30, 2009
There has been a lot of news lately concerning Twitter, Inc. and their most recent round of financing , along with their new $1 BB valuation. We have had numerous inquiries from various media outlets seeking additional details on this latest round. There was one article by Bernard Lunn at ReadWriteWeb that was particularly interesting.
This week we are going to take a look at all of the financing rounds that Twitter, Inc. has completed thus far.
Twitter, Inc., located in San Francisco, is a short messaging service that allows users to post everything from what they are doing to the latest breaking news. (You might even find this PEDC Buzz on Twitter.) As mentioned, the company recently announced a closing of a Series E round of financing at a reported amount of $100 MM. Based on information posted on the company website, the company publicly thanked investors Insight Venture Partners, T. Rowe Price, Institutional Venture Partners, Spark Capital, Benchmark Capital, and Morgan Stanley. The Deal Terms of this Series E round and the previous rounds were:
| Filing Date | 07/11/2007 | 07/17/2007 | 07/10/2008 | 02/12/2009 | 09/22/2009 |
| Liquidation Preference for the Current Round | Not Applicable | Senior | Pari Passu | Senior | Senior |
| Round of Financing | Series A | Series B | Series C | Series D | Series E or greater |
| Round Direction | Not Applicable | Up Round | Up Round | Up Round | Up Round |
| Multiple of the Liquidation Preference: 1x; 2x; 3x; > 3×. | 0 – 1x | 0 – 1x | 0 – 1x | 0 – 1x | 0 – 1x |
| Type of Preferred Stock | Conventional Convertible | Conventional Convertible | Conventional Convertible | Conventional Convertible | Conventional Convertible |
| Anti-Dilution Protection | Weighted Average | Weighted Average | Weighted Average | Weighted Average | |
| Redemption at Investor’s Option | No | No | Yes | No | No |
| Pay-to-Play Provisions | No | No | Yes | No | No |
| Cumulative Dividends | No | No | No | No | No |
| Price Per Share * | $.00667 | $.66667 | $2.05986 | $4.311567 | $15.9824 |
| Total Amount Raised in Current Round | $97,500 | $5.5 MM | $17.37 MM | $35.7 MM | $100 MM |
* Note – Price Per Share reflects a 1 to 3 split of outstanding shares of Common, Series A Preferred, Series B Preferred, Series C Preferred, and Series D Preferred filed on 05/19/2009.
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