Pinterest Pegged at $11 Billion After Raising $367 Million in New Funding
The social bookmarking site said it would use new funds to fuel international expansion.
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Pinterest said yesterday that it had raised $367 million in a Series G funding round that now values the social bookmarking site at $11 billion. And that's not all: the company is still seeking an additional $211 million to close the round, according to a regulatory filing.
Pinterest's now-astronomic valuation, which was previously pegged at $5 billion following a $200 million Series F round last May, makes it the sixth most valuable private company in the world, according to The Wall Street Journal -- behind Xiaomi ($46 billion), Uber ($41.2 billion), Palantir ($15 billion), Snapchat ($15 billion) and SpaceX ($12 billion.)
In seven prior rounds, Pinterest raised a total of $762.5 million, according to CrunchBase, meaning that total funds raised now exceeds $1 billion. Past investors include Andreessen Horowitz and Bessemer Venture Partners.
While Pinterest began selling ads -- or promoted pins -- in January, the company told the Journal that it plans to use funds to fuel international expansion. Pinterest said that international users increased more than 135 percent last year and now comprise more than 40 percent of all users -- compared with 28 percent of all users in 2013.
Related: Pinterest Aims to Pin $11 Billion Valuation With Massive Funding Round