Pinterest Has Now Raised $764 Million
In the same week it took in its first-ever dollars of revenue, Pinterest today said it had raised $200 million in funding from existing investors, confirming a ReadWrite report.
That brings the online inspiration and discovery company to an astonishing $764 million raised.
Pinterest recently made clear its aspirations to be the next big thing in search with the launch of a mobile tool designed to help people explore and focus their interests with swiping and tapping rather than typing. Shortly after that launch, screenshots of a parallel new Google favoriting tool called Stars leaked out.
The Series F round of funding is described as primary financing — meaning it goes into the company rather than to existing shareholders — with a valuation of $5 billion.
Participating firms were SV Angel, Bessemer Venture Partners, Fidelity, Andreessen Horowitz, FirstMark Capital and Valiant Capital Partners.
Pinterest just launched its first paid ads this week with campaigns from Kraft, General Mills, Ziploc, Nestle, Lululemon, Gap, ABC Family and Expedia, as Advertising Age reported.
Why does Pinterest need more money? “This new investment gives us additional resources to realize our vision,” said co-founder and CEO Ben Silbermann. The company noted it now gets 30 percent of its traffic from outside the U.S., and it is planning to open additional offices.