Twitter is nearing a deal to raise $100 million (£62.4 million) from a group of investors who say they believe the micro blogging phenomenon is worth about $1 billion, according to reports from the Financial Times and Wall Street Journal.
A group of investors including mutual fund giant T. Rowe Price and several private equity firms and venture capital companies are expected to sign the deal with Twitter soon.
The money will give Twitter more time to sort out a business model. The copany has less than 100 employees, currently brings in no steady revenue and has only recently talked about working out advertising deals next year.
A spokesman for T. Rowe Price declined to comment on the deal.
Insight Venture Partners, a private equity firm, as well as Spark Capital and Institutional Venture Partners are other groups involved in the current Twitter deal, the Journal says.