Pinterest has raised $367 million in funding, giving the visual bookmarking site an $11 billion valuation, according to an SEC filing and Pinterest.
Pinterest may raise as much as $210.8 million more in this round of funding, a Pinterest spokesman wrote in an email to Marketing Land. The five-year-old startup, which has previously raised $764 million, is now one of the most highly valued venture-backed companies in the world. Among social media firms, only Snapchat, with a $15 billion valuation, leads Pinterest in the Wall Street Journal’s tracking chart.
The Journal, which reported the news first today, cited a source saying that the current funding round is expected to close in a few weeks.
Pinterest has only recently started a strong push for monetization. In January, it officially released its first ad product, Promoted Pins.
Pinterest plans to use the cash infusion for “corporate purposes, including to fuel international expansion,” the company spokesperson wrote. Pinterest hasn’t recently shared figures for active users, but said the number of international users grew more than 135% in 2014. They now represent more than 40% of all users, up from 28% in 2013.
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