San Francisco - Microblogging service Twitter has signed a term sheet with Institutional Venture Partners to raise a new round of funding at a $250 million valuation, TechCrunch reported, citing two unnamed sources.

The company most recently raised $15 million in June 2008, from investors including Spark Capital and Bezos Expeditions.

Twitter also reportedly turned down a $500 million buyout offer from online social network Facebook in November.

TechCrunch proffered that Twitter will likely raise more via this new financing than the $20 million its received in its two previous rounds.

Poll: Is Twitter Worth $250 Million?

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