New service attempts to monetise Tweets through keyword bidding

Internet entrepreneur Bill Gross, one of the main movers behind the launch of paid-search in the late 1990s, is launching a new startup designed to monetise Twitter.

TweetUp ranks Tweets by relevance and allows Tweeters and advertisers to bid on keywords to improve their ranking.

It launches a public beta period today in which tweeters can open an account and begin adding search keywords to their profile. For the first 1000 who sign up, the company is providing a $100 in credits to allow tweeters to see how TweetUp’s network can improve their standing in search results and attract more followers.

Investors in the new the service include Steve Case, founder of AOL, and venture capitalists Index Ventures, Revolution LLC, and First Round Capital.

TweetUp’s search results will be available through revenue-sharing distribution agreements with Twitter clients, including one of the leading multi-platform clients, Seesmic, one of the leading Android clients, Twidroid, the leading source of tweets, TwitterFeed, and the social media authority and influence ranking system, Klout, as well as popular web sites including BusinessInsider.com, Answers.com, and PopURLs.

Gross said: “Twitter has such tremendous potential as a real-time information network far beyond what has been realized to date

“For most people, though, 80% or more of the tweets that fly by them when they’re searching for something are useless noise. For serious tweeters, the task of attracting interested and relevant followers is equally daunting. TweetUp will change all of that.”