Pinterest has just raised $367 million to give the social media network a valuation of upto $11 billion and the site is looking to raise more to the tune of more than half a billion dollars. Pinterest’s new valuation comes after exactly a year since raising $200 million for a $5 billion valuation.
The site’s $11 billion valuation makes it one of the most highly valued online platforms in the world following after Snapchat and slightly ahead of AirBnb and Dropbox. Pinterest will use the extra $211 million it expects to raise in the coming weeks to open up into international markets. According to a statement provided by Pinterest to Mashable, in 2014 international users grew more than 135%. As it stands, 40% of all Pinterest users are international users, a figure that has grown since 28% in 2013.
As Pinterest looks forward to raising $211 million in the next few weeks to reach $577,916,906, it expects to add new investors into the team of the existing ones. There are already new investors who have helped raise $367 million but Pinterest declined to name them.
Pinterest began making money in January as it opened up advertising and is testing various ways it can deliver adverts to users without interfering with the user experience. The site took off in 2010 and raised $500,000 in it’s first ever funding. It has grown ever since after gaining traction among the people who do the arts-and-craft and design-savvy crowds like architecture, graphics design, fashion among others. Most users so far include women who make up more than 55% of the total user population.