14 DAY TRIAL // Tumblr, one of the hottest blogging platform around, has been getting some positive buzz this year. Traffic is surging and rumors say that it just closed a new round of funding netting it $20 million to $30 million at a valuation of $130 million to $140 million or more, depending on the source.
There is some volatility around the numbers. Fortune puts the figures at $25 million to $30 million in funding with the company valued at $135 million.
All Thing D's Peter Kafka says between $20 million and $30 million in VC funding at a pre-money valuation of $120 million, meaning the company is worth at least $140 million.
One thing is for sure, Tumblr did raise the money with VC firm Sequoia Capital leading the round. Existing investors Spark Capital and Union Square Ventures have joined the round as well.
So what's Tumblr to do with the money? Well, primarily, it's looking to grow. It moved to a new office space to accommodate a growing team. Already, the company has hired four more people, for a total of 16 employees.
Tumblr wants to have at least 20 employees by the end of the year and about 30 early next year. Considering the size of the site and the success it has had, particularly in the past year, it surprising that Tumblr managed to get by with so few people.
Apart from internal growth, Tumblr plans to continue to add new users at the healthy rate it has seen lately. Tumblr also wants to divert more attention to the different communities growing around the site.
In terms of revenue though, Tumblr is not too concerned. While there are some ideas for making money, the company is focusing on growth for now, Twitter style. While blogging may not be the hottest social model right now, Tumblr is a great alternative to the Facebook behemoth and provides more substance than Twitter.