Tumblr is said to be in the middle of discussions to raise a new round of funding. The microblogging service is apparently looking to raise between $75 million and $100 million at a valuation of $800 million or higher.

According to Business Insider, Tumblr is holding discussions with DST, Kleiner Perkins, Andreessen Horowitz and Sequoia Capital. Tumblr is focusing on talking to companies that can help it grow through both the financing of equipment and capacity planning. The service is about to bring a large server online with plans to add more large servers soon.

The number of unique monthly visitors to Tumblr has grown dramatically within the last year, from around 10 million to around 90 million.

Despite hosting 26,902,605 blogs at the time of this writing, Tumblr is not monetizing its user base at the moment. That is likely to happen down the line, but with a large number of users in place, Tumblr will be able to make a vast sum of money quickly once it starts adding ads or monetizing the service in other ways.

Tumblr passed WordPress.com for the highest number of hosted blogs in June after growing twice as fast as WordPress.com at the start of this year. This underlines just how far Tumblr has come over the last 12 months.