Instant messaging service Meebo will today announce $25 million in funding from JAFCO Ventures, KTB Ventures and Time Warner, which spent $850 million to buy social network Bebo in March. Meebo founder Seth Sternberg only began looking for more funding that same month, hiring Montgomery & Co and hoping to raise $25 million to $30 million to set the company's value at $250 million. Today's funding round values the company at $200 million, the WSJ reports. Last year, funding valued Meebo at $90 million. But the real question is, how exactly does anyone expect to make money with instant messaging?

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