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Twitter is announcing today that it has taken funding from New York City-based Union Square Ventures, investors in del.icio.us, Feedburner, Tacoda (the ad firm that sold to AOL this week) and more hits besides. Charles River Ventures were also involved, along with high-profile angel investors Marc Andreessen, Dick Costolo, Ron Conway and Naval Ravikant.
USV managing partner Fred Wilson explains the rationale on the firm's blog:
Twittering is an emerging new form of communication on the Internet that changes the expectations associated with other forms of communication and yet it's fundamentally different than blogging. Twitter provides a platform for banter that blogging doesn't and it's available in so many places via IM, mobile text messaging, or the Web that it induces a different sort of behavior. Twitter encourages people to adapt and invent behavior to suit their needs.