Business

Pinterest raises $367 million in latest round

SAN FRANCISCO: The online bulletin-board style social network Pinterest disclosed Monday it had raised $367 million in new capital, pushing its valuation to a reported $11 billion.

The new investment was disclosed in a regulatory filing, with the investors on the deal listed as the venture capital firms Andreessen Horowitz and Bessemer Venture Partners.

The filing had few details, but said the company planned to raise some $577 million, leaving $210 million to be raised.

The Wall Street Journal said the deal values fast-growing Pinterest at $11 billion, making it one of the highest priced companies in the Internet sector.

Because it is privately held, Pinterest discloses only limited amounts of metrics. The research firm eMarketer estimates it has some 47 million US users, and some estimates indicate the global number is around 75 million users.

Pinterest has become one of the Internet’s hottest new websites, particularly among women, by giving people virtual bulletin boards that they can decorate with pictures showcasing interests in anything from food to sports, to fashion or travel.

Pinterest got a $100 million investment led by Japanese online giant Rakuten in 2012- AFP

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