With $367 million in new funding and a valuation of around $11 billion, Pinterest is now one of the most valuable venture capital-backed startups in the world. The social discovery and visual bookmarking site confirmed the financing on Monday and even expressed its desire to raise an additional $211 million in funding despite having already more than doubled its $5 billion valuation from last May.
Pinterest Inc. on Monday said it raised $367 million, giving the online site a valuation of $11 billion and making it one of the most highly valued startups by venture capitalists in the world. The latest funding more than doubles Pinterest’s previous valuation of $5 billion from less than a year ago, underscoring the premium investors are placing on the most sought-after companies. The image bookmarking site, which only officially began selling advertising in January, disclosed the funding in a regulatory filing. Pinterest could raise as much as $211 million more and the round is expected to close in a few weeks, according to a company spokesman. Pinterest said new investors have joined the round but declined to name them. Past investors, which previously put in $764 million, include venture-capital firms Bessemer Venture Partners and Andreessen Horowitz, hedge fund Valiant Capital Partners and Japanese e-commerce firm Rakuten Inc.