It looks like Tumblr’s value is about to hit the stratosphere with their newest round of funding. The company expects to exceed $100 million. The mini-blogging platform has long become a fun location to post quick jots and become part of an interconnected community of bloggers who share and share alike everything from short anecdotes to strange pictures.

MediaMemo at All Things D rolls up this development nicely,

Fortune.com’s Dan Primack reports that Sequoia is leading a round that will add “between $25 million and $30 million,” in funding at a valuation “in the ballpark of $135 million.”

Someone familiar with the transaction tell me that Primack’s numbers are “not a bad guess.” And it’s possible the numbers will end up somewhere higher than his report. Another source tells me that the round will end up bringing in between $20 million and $30 million, at a pre-money valuation of $120 million. That would put Tumblr’s value at $140 million or more.

Earlier this month we covered the initial offer from Sequoia; looks like it’s grown into a full story now.

No doubts about it, Tumblr is indeed rolling in the dough.

The only angle left that’s puzzling market analysis is how the mini-blogging site will make money. Right now it’s more or less a hyperconnected note-posting service that enjoys an extremely rapid growth, but that’s not always enough to attract attention and investors. Someone out there sees this new service as something that can make real money.

The next development in this story will probably not be just new investments; it might be the innovation that takes Tumblr out of the social gimmick zone and into the social marketplace.

And why not? It seems that’s the same direction Twitter is going.