US-based Pinterest, a visual discovery platform, has raised $367 million in its latest round of funding from undisclosed investors. The image sharing and bookmarking website further aims to raise $211 million in the G series of fund raising. By expectations the accumulated funds raised in this round would be over $577 million, which would comfortably surpass the $1 billion mark in total funds raised since Pinterest’s founding in 2010.
With the new funding raised, as per TechCrunch report, Pinterest’s net worth will be $11 billion. It aims to ‘fuel International Expansion’ with the massive funding raised.
Pinterest had raised a net sum of $764 Million in previous rounds of funding. The major investors being venture -capital firms Bessemer Venture Partners and Andreessen Horowitz, Hedge fund Valiant Capital Partners and Japanese e-commerce firm Rakuten Inc. The new investors have not been named by Pinterest yet.
It allows users to upload, save, sort, and manage images (known as pins), through collections called pinboards. It helps people to discover and save ideas for cooking, travel, home, improvement and more. It is a free-to-use platform, whereby user’s content as well as contents by other users can be browsed on the main page.
Users can also save their pins to one of their own boards using the ‘Pin It’ button and can personalize their experience with Pinterest by pinning items, creating boards and interacting with other members.