Pinterest which develops visual search technology and allows users to save images on its website has raised $150 million from existing investors in its latest round of funding valuing the company at $12.3 billion, a company spokeswoman said on Tuesday. The latest funding round has slightly increased the company's valuation from $11 billion when Pinterest raised $367 million in March 2015.
Pinterest, which was founded in 2010, introduced a new search tool in early February called Lens to boost its advertising revenue. Lens helps users to discover ideas inspired by objects in the real world that are detected through a device camera.
The additional capital will be used for further investments in visual technology and global expansion, the spokeswoman said in a statement over email. The SanFrancisco based company has 175 million monthly users collecting and pinning photos related to cooking, designing, travel and other interests on its website. About 60 percent of Pinterest's user base is outside the United States.
Pinterest acquired Twitter co-founder Biz Stone’s “human-powered” search engine start-up Jelly in May 2017. According to a report, the app is currently ranked at No 1,293 for the Social Networking category on iPhone in the US. It is not currently ranking on Google Play in the US.
With inputs from Reuters