Tumblr Raises $85 Million In New Funding

The micro blogging site Tumblr has been one of those sites in the back of the queue when it comes to social networking fame and fortune, yet despite its remoteness, the company has announced that it has been able to raise a massive $85 million in funding. This has been possible thanks to Greylock Partners, Insight Venture Partners, the Chernin Group, Richard Branson, Spark Capital, Union Square Ventures and Sequoia Capital.

According to the founder of Tumblr, David Karp;

“Tumblr has come far since we began our journey. From the early users signing up to easily share all of the things they cared about, to the global community today where creators have an incredible opportunity to reach an audience of hundreds of millions, it’s been a remarkable four years.”

So what do you do with $85 Million apart from having a big party? Well Tumblr will be able to scale up the business model and bring it to the front on the social networking in crowd.

Source [NY Times]