Pinterest has raised $367m in its latest funding round, increasing its valuation to $11bn, double the website’s previous valuation of $5bn.
The funding was disclosed in a regulatory filing, with the Wall Street Journal citing a company spokesperson as saying that the company is likely to raise as much as $211m more.
Pinterest is reportedly planning to use the funds towards international expansion. Last year the company recorded a 135% increase in international users, which presently comprise more than 40% of all users.
Pinterest is widely popular amongst women, which reportedly made the company attractive to marketers looking for a new medium to promote their products.
The company released its first ‘promoted pin’ in January, following which the company went on to release new ad-targeting capabilities and expanded testing advertisements.
Without disclosing the name of the investors, Pinterest reportedly said that new investors had joined the round.
In its previous round, which helped the website raise $764m, particpating investors included venture-capital firms Bessemer Venture Partners, Andreessen Horowitz, Japanese e-commerce firm Rakuten , and hedge fund Valiant Capital Partners.
