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Tumblr, a New York based micro blogging startup, has raised $4.5 million in second round of funding led by Union Square Ventures and Spark Capital. The company had previously raised $750,000 in the first round from the same investors. The funding will be used to add new paid features and try and wither out the economic recession.

As a result of the round John Borthwick, former Timer Warner SVP would join Tumblr’s board and John Maloney, former CNET director will join the company as a President.