Tumblr has raised a “very big and competitive” round of financing from top Silicon Valley VC firm Sequoia Capital, we’ve learned.We’re trying to track down more details, such as the size of the round, and other participants.
Sequoia’s Roelof Botha, previously the CFO of PayPal, will join Tumblr’s board, we hear.
“I will say, it is nice to be well-received on the West Coast,” Maloney told us at the time.
Tumblr, a simple blogging platform, is now in an interesting spot.
It’s big — but not huge — and is growing, with a strong brand and a loyal audience, but little to no revenue. But it faces increasing competition from the likes of Posterous. And Tumblr has not properly seized its opportunity in mobile, where new services like Instagram now pose a serious threat.
Tumblr and Union Square Ventures reps declined to comment but did not offer denials.
Here’s Tumblr’s current Quantcast chart, showing some pretty nice audience growth.