Twitter is apparently in discussions with venture capitalists to raise more capital, TechCrunch reported today and MediaMemo confirmed. The new round is reportedly valued at $250 million.

SEE ALSO: Why Twitter Rejected Facebook’s $500 Million Offer

To date, the company has raised about $20 million, and the latest cash infusion came in June 2008. Since then, Twitter has had to beef up its infrastructure to support its growth, acquired a company, and a couple of weeks ago finally hired a head of business development. But if companies that use Twitter as a platform are able to raise capital right now, why not Twitter, too, right? After all, it was Facebook that offered to pay $500 million in cash and stock for the micro-blogging service.

TechCrunch reported two sources saying that Twitter has signed a term sheet with IVP to raise the new round at the $250 million valuation (The previous $15 million round supposedly was valued at $100 million). Investors to date include: Spark Capital, Bezos Expeditions, Union Square Ventures and Digital Garage.