Tumblr Picks Up $4.5 Million For Freemium Model (video)

Peter Kafka at MediaMemo is reporting that NY-based Tumblr has received a Series B round of funding in the amount of $4.5 million. The round was led by previous investors Union Square Ventures and Spark Capital. Kafka says this puts the company’s valuation at $15 million and that the investors are looking for at least a $50 million exit.

When Tumblr raised their first round of venture capital ($750k) last year, the company shared a figure of 75,000 users and that they reached traffic levels in 2 months that it took Digg 8 months to reach. Kafka also spoke with CEO David Karp who noted that they will be working towards launching a freemium model early next year. The freemium model means that you get some features for free and others you pay a small fee for.

This past June, CEO David Karp provided a business update about Tumblr which I caught on video (embedded below). At that point, David noted that Tumblr has 310,000 users (no word on active), 120,000 posts per day and they host 15,000 custom domains.

If you are new to Tumblr or want to learn about the company and their model, check out this video from June with Karp.