Tumblr has closed an $85 million funding round. The round was led by Greylock Partners and Insight Venture Partners, with participation from the Chernin Group, Richard Branson, Spark Capital, Union Square Ventures and Sequoia Capital. Prior to this round being closed, Tumblr had raised a total of $40 million.

According to The New York Times, Tumblr founder David Karp said the money would allow Tumblr to continue scaling the business and focus on the development of the microblogging service.

Tumblr’s traffic has jumped from 2 billion monthly pageviews a year ago to 13 billion monthly pageviews. More than 10.6 billion posts have been published on almost 30 million Tumblr blogs — more than 40 million posts are being published by the Tumblr community every day and it hit 10 billion posts earlier this month.

While Facebook dominates the amount of time that American Internet users are spending online each month, Tumblr now accounts for more than 623 million online minutes each month — more than Twitter’s 565 million.

“Tumblr has come far since we began our journey,” said Karp. “From the early users signing up to easily share all of the things they cared about, to the global community today where creators have an incredible opportunity to reach an audience of hundreds of millions, it’s been a remarkable four years.”

It was reported last month that Tumblr was raising a funding round of $75 million to $100 million at a valuation of $800 million. It is not clear what precise valuation this funding round puts Tumblr at.