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Twitter gets another round of funding

Source says the term sheet is signed, sealed and delivered. Now we're just awaiting the official announcement.

Tweet and ye shall have.

A source familiar with the negotiations tells me that Twitter signed a term sheet for "either $15 million or $20 million" last week. We're still trying to find out who is in, but the word is that it's largely an inside round of funding with one outsider setting the price.

On Friday, Valleywag reported that the company was trying to raise a third round of venture funding.

"There's a lot of interest in the company," says my guy, who is still scratching his head about future business models for Twitter. "It's yet another one of these audience growth stories without any understanding of how they'll turn into a business."

No matter. the venture world remains fascinated. Last summer, Twitter raised approximately $5 million.