Wahoo! Tumblr raises $85m, total valuation close to $1b

Great news for the Tumblr community as today it was announced by David Karp, founder of Tumblr that they succeeded in getting a new round of funding of $85 million. Part of the funding is coming from a well known name you might have heard before - billionaire Richard Branson who owns Virgin Atlantic Airways and Virgin Records music label.

The latest funding brings the total amount of VC backed funding for Tumblr to over $125 million. Although an official valuation is not disclosed, according to a Business Insider article back in August, Tumblr may have an estimated worth of over $800 million, so it’s not hard to imagine their total valuation is getting close to $1 billion in 2011.

Earlier this month Tumblr reached an important milestone in their journey getting to their 10 billionth post of all time. Tumblr’s popularity and fast rise to the top of social blogging probably helped fuel Posterous’ pivot¬†as well.

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