Report: Tumblr rolls into new financing round
Blogging service raises $4.5 million in a second round of funding from its existing investors, according to AllThingsD.
Blogging service Tumblr has raised $4.5 million in a second round of funding from its current investors, according to a report on AllThingsD.
Union Square Ventures and Spark Capital ponied up another round, bringing the company's total VC funding to $5.25 million and giving the company an estimated valuation of $15 million, according to the report. Tumblr provides a means for people to create, edit, and post blogs.
Tumblr is a free site that reportedly is leaning toward developing premium services to sell to its members, rather than latching onto an advertising-based revenue model.
Founder David Karp is aiming to generate revenue early next year, according to the report.
That should bode well for the company, which earlier this yearthat provides bloggers with the means to let others add content to their blogs.