Twitter secures its new $15-$20M round?

More reports are coming in about Twitter, the micro-messaging service, raising a new round of funding. Twitter has signed a term sheet for either $15 or $20 million, CNET is reporting. This is in line with earlier reports that the company was attempting to raise a new series C round.

A $15 million round is thought to put the company’s total value in the $60 to $75 million range. This is well below the $150 million valuation it was said to be looking for, but still a hefty sum.

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One can only assume the money would be used to expand infrastructure and make the service more scalable as it continues to grow. We’ve contacted Twitter about the funding rumor and will update if we hear back.

update: Twitter co-founder Biz Stone got back to us that they have nothing to share on the rumor.