07 June 2017, India:
Photo-sharing application company Pinterest has raised $150 million in a fresh round of funding led by existing investors, which values the company at $12.3 billion.
This latest funding, which was raised from existing investors, brings the company’s total funding to over $1 billion. Previous investors in Pinterest include Andreessen Horowitz, Fidelity, and Bessemer Venture Partners, although it’s unclear which of them agreed to invest again.
Pinterest last raised $367 million in additional financing at an $11 billion valuation in 2015.
The company said it will use the funds to improve its computer vision and visual search technologies like its Lens camera search, which lets users take pictures on their phone and search for similar items or images on Pinterest. The company will also use the new capital to improve its offering for international users.
By raising money, Pinterest is choosing to delay a potential initial public offering as its business model matures. The company generates revenue by selling ads that look like posts on its site. Each month, 175 million people use Pinterest to collect and post images related to fashion, travel, cooking and other interests. The San Francisco-based company is targeting revenue of more than $500 million this year as per the report by Bloomberg. (Image- Pinterest)