Twitter, Facebook and Instagram have just raised $1bn for a new company that helps users connect with others in their local communities
Twitter, the world’s largest social media platform, has just raised a $1 billion seed round.
The investment is part of an expansion of the company’s business and aims to bring social networking features to the web and mobile platforms.
The new company will be called Vero, which will be based in New York, and will work with other social media players to deliver more than a million social media contacts across the world, according to a press release from the New York Stock Exchange.
The fund will be led by Andreessen Horowitz’s Reid Hoffman, who previously led the venture capital firm’s investment arm.
The funding comes on the heels of another round of funding for the company last week.
Earlier this month, Twitter said it would be adding a new section of its API that allows developers to integrate their own tools into the platform.
It also said that it would open up new features to third parties, including a new platform that can allow users to share and edit their photos on social media sites.
The Vero project is part, in part, of the broader expansion of Vero in recent months.
The company also recently announced a new social networking service called Vimeo, which is aimed at providing a similar functionality to Twitter and Facebook.
Vero also plans to create an “infrastructure” for other platforms, including YouTube and Instagram, as well as add its own mobile apps.
The announcement comes on top of a new “platform” for the site’s desktop users called Votab, which was recently announced.
Votab is currently being built with Google’s Android mobile operating system, and it will be open to developers and users of other platforms as well.
Veros Facebook app is expected to be available for Android users in early 2018.