Pinterest raises $367 million at $11 billion valuation in Series G funding round
Social network Pinterest has raised $367 in the latest funding round, valuing the company at $11 billion, according to a filing with the Securities and Exchange Commission. Pinterest CEO Ben Silbermann has been planning international expansion of the photo tagging and product promotion network.
During the last round of funding in May 2014, Pinterest was valued at $5 billion. The company raised $200 million. The company has been backed by many venture capital firms including Bessemer Venture Partners and Andreessen Horowitz. Pinterest has raised over $1 billion in several funding rounds.
San Francisco-based Pinterest was launched five years ago in March. Pinterest is seen by many technology market experts as the next candidate for blockbuster IPO. With current valuation above $10 billion, Pinterest management will have to seriously think about monetizing the network and improving margins.
In the SEC filing, Pinterest indicated that it plans to raise more funds in the current funding round. The company expects to complete the latest Series G funding round, in few weeks.
Pinterest claims to have 70 million users who collect and pin interesting items in their list. The items on the list of friends can also be viewed on the network. Many businesses have used Pinterest for promoting their products. The company reported 135 percent increase in its international user base in 2014, taking their percentage to 40 percent of the total users on the network.
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